A real estate purchase contract is an agreement by which a party undertakes to transfer ownership of immovable property to another party if the conditions set out in the contract are met and do not require a transfer of ownership within one year from the date of conclusion of the contract. A contract for an instrument, also known as a “loan for deed”, “land contract” or “tempe contract”, is a transaction in which the seller finances the sale of his own real estate. In a contract relating to the instrument of sale, the buyer undertakes to pay the purchase price of the property in monthly instalments. The buyer immediately takes possession of the property and often pays little or nothing, while the seller retains legal ownership of the property until the contract is performed. The buyer has the right of occupancy and, in states like Minnesota, to claim a property tax exemption for farms. .