Should you decide to go ahead with becoming a buyer under L.S.C. circumstances, I would at least insure that the contract is allowable by the lender. When I have a property paid off, I decide between a Purchase Money Mortgage and a Land Sales Contract based upon the equity and the buyers' financial status. If I have a real strong buyer, I prefer getting rid of the deed. A Purchase Money Mortgage is where the seller has the property paid off and conveys the deed to the buyer. A Purchase Money Mortgage Assumption is one where you assume a P.M.M. that you had no part in originating.
States vary on the assumption aspect.
If it says it is assumable, it is. If it says it is not assumable, it isn't. If it says nothing about it, it is. In Oregon If it says it is assumable, it is. If it says it is not assumable, it isn't.