A contract for deed, also known as a land contract or installment sale, is a type of seller financing that lasts from three to five years. Real estate contracts in California must be in writing.The information contained in the brochure is a brief overview of the basic steps and factors involved in a mortgage transaction using the services of a mortgage. Most home buyers in California realize that they have to sign a purchase agreement with the seller, before proceeding with the transaction. Understanding your Purchase Contract prior to making an offer is an extremely important step in successfully navigating the home buying process. Your mortgage documents will include a couple of key contracts you'll sign with your lender at closing that set the terms for your home loan. A mortgage agreement is a legally binding contract outlining the terms and conditions of a mortgage loan between a lender and borrowers in a specific place. Real estate contracts seal real estate transactions. The types of contracts vary, but the basic contract is the real estate purchase agreement. Default: Failure to meet legal obligations in a contract.