I just agreed to a land contract?!

[Meredith Mihm]

We just shook hands on a 6-plex deal-- owner financing-- 185K, 37K down at 3.9%, 30 year amortization, 10 year balloon.  But he kept saying "land contract," and I didn't ask what he meant (face palm!!).  When we got back in the car, I realized that this is like contract for deed, which I have never researched properly.  I just assumed that it was the same thing as a Trust Deed.  

I'm googling feverishly, but I'll take all the help I can get.  There is no official written offer yet-- are there big disadvantages to land contracts?  I don't totally understand the idea of "equitable title," and what are the disadvantages of not holding the deed, etc. The property is in Wisconsin.

Thanks!!