They are different names for a contract in which you promise to deliver the deed when they fulfill the terms of the contract. In general there is greater risk when buying on contract for a number of reasons. Less problem for the seller when you are selling that way.
Back in the '80’s we used to refer to all kinds of “creative financing” (for some strange reason they seem to refer to it as fraud these days) as Texas Contracts.
I know this doesn’t answer your question, but its been awhile since I had heard the term - and it just brought a smile to my face.
Still waiting to hear when we can do some ‘101’ Buddy. They are the same thing OK. You said yes to the question of does it matter.
when would you use one over the other?
Thanks
Terry