Contract for Deed
Definition - What does Contract for Deed mean?
Contract for deed is a type of a contract or an agreement between the buyer and seller of the property where the seller holds the title of the property until buyer completely pays off the amount due or the amount which has been decided by both the parties.
Justipedia explains Contract for Deed
After the buyer pays off the loan, the seller then creates and signs a deed which closes the deal and transfers the title of the property to the buyer. These type of agreements are particularly useful for buyers who are not in a financial position to qualify for a loan.