Vendee

In depth

Vendee is the contract-law term for the buyer under a real estate installment contract. The vendee takes possession at signing, holds equitable title, pays installments, and assumes responsibility for property taxes, insurance, and maintenance. Upon completing payments, the vendee is entitled to legal title via a deed from the vendor. Misconception: a vendee is not just a tenant; the vendee has real ownership rights enforceable through specific performance, partition, and sale. Practically, vendees should record a memorandum of contract or the full contract to give constructive notice of their interest. They should obtain insurance with themselves as a named insured, demand proof that the vendor's underlying mortgage is current, and confirm that property taxes are paid. Court remedies vary by state, with some treating vendees like mortgagors entitled to foreclosure protections.