Contract for Deed

This Contract for Deed is also known as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Instalment Agreement. This contract allows the seller to retain title to the property until the buyer has made all payments under the agreement. Basically, the seller finances the purchase and holds the title or deed to the property as security. The buyer making the instalment payments is entitled to possession and equitable title to the property while the seller holds legal title and is liable for any payments on any mortgages. (continued ...)