In a land contract, what does the term "vendor" refer to?

In the context of a land contract, the term "vendor" specifically refers to the seller of the property. This is a crucial distinction to understand as it relates to the roles involved in the transaction. The vendor is the party who offers the property for sale and retains ownership until the buyer (known as the vendee) fulfills the terms of the contract, which typically includes making installment payments over time.

Understanding the role of the vendor is essential because it helps clarify responsibilities in the transaction, such as managing the property and ensuring that the terms of the contract are upheld until the buyer completes the purchase. In real estate, clear definitions of the parties involved help prevent disputes and establish legal rights and obligations.