Different types of real Estate contracts business and finance homework help

There are many different types of real estate contracts that assist in conducting business. A Land Contract is one type that really acts as a “seller financing” instrument.  In a real estate market like today when financing is difficult for some buyers to acquire Land Contracts are more common than they were 3-5 years ago during the sellers market.
When would you advise your principal/client that is selling their property to utilize a Land Contract?
What would be the advantages to:  Seller/vendor
What are the potential pitfalls for:  Seller/vendor
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