Business and Personal Finance Dictionary

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• ASSIGNMENT OF SELLER'S INTEREST IN LAND CONTRACT
  
  A document used in real estate loans when the mortgaged property is subject to a land contract or article of agreement under which it is being sold over time to a third party. If the borrower defaults, the assignment of the land contract gives the lender the right to receive payments from the buyer and to transfer the land contract to another buyer.
  
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