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A contract for deed is an important tool for both sellers and buyers looking to make a property sale. It allows sellers financing a house sale to attract buyers who wouldn't qualify for a conventional mortgage. It can also benefit a seller having difficulty making a contract for sale of home or other property, by providing an alternative to conventional home contracts.
A contract for deed is a form of seller financing in which the seller agrees to apply the rent paid to the purchase of the property for sale. It is in essence a rent to own deal. A contract for deed is also sometimes referred to as a land contract. Buyers don't receive the deeds for sale of the property until all of the payments as agreed to in the contract for deed form have been made. Until then, the buyer is basically in a landlord and tenant relationship with the seller, and the installment payments toward purchase of homes are similar to rent. Contract for deed houses are often ones that have been on the market for a while, so the seller is willing to entertain buyers who aren't able to get a traditional loan.
The sale on contract for deed homes should use professionally drafted agreement forms. US Legal Forms offers state-specific contract for deed template forms that comply with state laws. We also offer a land contract package that includes the required disclosures, along with accounting forms and other helpful forms and notices.