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What is a Land Contract, and what are its components? Whom does it benefit, the buyer or the seller? What is the purpose of 'junior

  1. What is a Land Contract, and what are its components?
  2. Whom does it benefit, the buyer or the seller?
  3. What is the purpose of 'junior finance instruments', and give one example?
  4. Why are these loans considered 'junior' or 'second'?
  5. Should Land Contracts between private parties be legal? Why or why not?

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