With a land contract the seller provides financing to buy the property for an agreed-upon purchase price and the buyer repays the loan in installments.Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it.
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For several reasons, the buyer or seller may decide that the contract is not to be recorded in the register of deeds.
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If you choose to not retain a real estate attorney, there are online companies that sell ready-made land contracts.
Finally it is not uncommon for land contracts to go unrecorded.
When third party lenders are involved, typically a lien called a mortgage is placed on the property so that the value of the property is used as collateral until the loan is paid in full.