Under a land contract, the seller retains legal ownership of the property, while allowing the buyer to take possession of it for most purposes other than legitimate ownership. The sale price is usually paid in periodic instalments, often with a balloon payment at the end, in order to reduce the duration of payments compared to the fully amortized loan (i.e. a loan without a final balloon payment). If the full purchase price, including any interest, is paid, the seller is obliged to transfer (to the buyer) ownership of the property. A first count from buyer to seller is usually also necessary. Sometimes a buyer pays for the property in cash. However, in most cases, the buyer needs additional financing to obtain the full purchase price. .