Vendee

{
  "id": "MLC-T-LAW-005146",
  "term": "Vendee",
  "field": "Law",
  "definition": "The person or entity who purchases property, particularly real estate, under a contract of sale. The vendee agrees to buy the property from the vendor (the seller) and holds equitable title while the contract is pending, with legal title transferring upon final payment and fulfillment of the contract's terms. In a land contract, the vendee makes installment payments to the vendor over time, gaining full ownership only after the final payment is made.",
  "url": "https://mlchart.com/terminology/law/vendee/"
}