transferring title over to buyer, but the buyer doesn't want it?

[Richard Tyler]

Consider this scenario.

The title company handles the sales transaction.  The buyer and seller draft the Land Contract, then signed the Land Contract with notary.   The buyer pays monthly payments to the seller for 5 years, which is the length of the Land Contract.  Within those 5 years, who physically has that notarized Land Contract in his hand?  The seller or the title company?  Who physically transfers the deed over after the 5 years?  The seller or the title company?

Let's say a few years later, the economy tanks, and the price of that property had dropped significantly.  The buyer stops paying the monthly payments and doesn't want that vacant lot anymore.  Also, the seller doesn't want to take this vacant lot back (doesn't want to foreclose on it).  Can the seller still transfer the deed over to the buyer at that time knowing the buyer doens't want that vacant lot anymore?