Contract For Deed

Definition: A financing method wherein the seller agrees to deliver the deed at some future date and the buyer takes possession while paying the contracted amount.  Also called a land contract, installment sale contract, or agreement for deed.

Pronunciation: \ˈkän-ˌtrakt\

Used in a Sentence:   The seller agreed to a contract for deed  which allowed the buyer to purchase the property with no initial exchange of funds.

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