While a land transaction is different in many ways from a real estate transaction in which improved property changes hands, it's still a real estate transaction. Land sales still involve escrows and title insurance and are still subject to transfer taxes. As with any other transaction, there are customs for who pays which expense at a closing, but the customs are also set aside when the purchase agreement for the land specifies a different procedure.
Land contracts are security agreements between a seller, known as a Vendor, and a buyer, known as a Vendee. The Vendor carries the financing for the Vendee, which may or may not contain an underlying loan. A main difference between a land contract and a mortgage is the buyer does not receive a deed or clear title to the property until the land contract is paid off.
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Moreover, even though you’ll not have a lump sum of money to place against another piece of land or some other big-ticket item such as a vehicle or home construction, you will have the guaranteed income to match your payments, or some such new purchases, including the interest.   You’ll also get to keep a lot more of the money you’ll receive, because you’ll only pay income taxes in small installments over the years, rather than all at once, which is likely to bump you into a higher tax bracket.
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Just like any sale of real estate, a land contract should begin with a purchase agreement. This is a legal document signed by a potential buyer making an offer on the real property for sale. The purchase agreement should indicate that the offer is for a land contract, and should state the purchase price, initial cash down payment, length of the payment term, and any other terms of sale.

I requested a quote 13 days ago & I accept the fact that you are back logged & it could take up to 14 days to get a written response. I just hope that you seriously consider our property for purchase. It really is a great lot. We had plans 13yrs ago to build a house with a walkout basement & even add a pole barn to the property. Times change, situations change & we've been trying to sell this since 2008. I'll keep my fingers crossed & hope that I hear a response with an offer very soon. I appreciate that you look at every property & realize it might take a little longer than 2 weeks to hear something. Thank you very much for your consideration. Amy
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