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Yes, essentially they can. That is, unless there is a restriction in the contract that says they cannot do this, they can. A contract deed is essentially an "option", meaning that if it is paid off, the property becomes theirs. Assuming there is no prohibition against "assignment" of the contract, the buyer can assign that contract to another, and as long as the conditions are fulfilled, the assignee (the second buyer) can enforce the contract, even if that was not the seller's intent. Only if the contract prohibited assignments of the contract (or at least limited them to approval by seller) OR if there was a breach by the buyer or subsequent buyer could the seller then refuse the transfer.
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That doesn't change whether or not they can assign the contract to a subsequent buyer, although it COULD still be the basis for a breach of contract. In such a matter, one could file for a "declaratory judgment" and seek a court to determine whether or not the contract has been breached. In such a matter, however, it's likely that the court would only order the breaching party to provide security (in the form of a bond / insurance policy / etc...) for the diminution in value related to the breach.
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