All relevant details should be documented, including the sale price, parties involved, and a legal description of the property as it appears on the deed. Seller shall pay or credit at closing: (a) all delinquent taxes, including penalty and interest;.A land contract is a legal agreement between a buyer and seller where an installment payment is arranged for purchasing land or other real property. A land contract in Ohio is a form of seller financing where the buyer agrees to make payments directly to the seller over a period of time.