Every land installment contract shall be indexed and recorded among the land records in the office of the clerk of the circuit court of the county where the property which is the subject of the contract is located. With regard to any person who claims any interest in or lien on the property arising after the time of recording, the property is deemed to be held from the time of recording by the then record owner of fee simple or leasehold title to the property, subject to the rights and interest of the purchaser of the contract as stated in the contract.
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