Legal Question in Real Estate Law in Florida

Yes. That is called a Contract for Deed. In other states it is also known as a Land Contract.

The problem is that in Florida, unlike other states, when you record the Contract (which you do) the courts have deemed it no different than a deed with a seller provided mortgage. Therefore, if they don't pay, the Seller must file a foreclosure action to get their interest returned. So there is no advantage, and it does create confusion (or a false sense of security).