CONTRACT FOR DEED
What Is A Contract For Deed?
A Contract For Deed is an agreement that allows a buyer to purchase property by making regular payments to the seller until the balance is fully paid off. It is also the preferred option for selling financing in a majority of states.
Key Terms In a Contract For Deed
- The average length of a contract for deed will be 5 years (or another amount of time agreed upon by the parties).
- With respect to paying off a the full property balance under a contract for deed template, the parties may either agree that: 1) the value of the house be divided into equal payments; or 2) that regular payments will go towards paying off the balance in balloon payment at the end of the term.