Contract For Deed

Definition

• An agreement for the sale of property where the buyer takes possession while making payments, but the seller holds title until full payment is received. Also called a land contract.

Synonyms
agreement, note, title, property, arrangement, contract, legal document

Acronyms
CFD

Related Terms and Acronyms

• Bill of Sale (BS) — Acronym, Important,
  • A written document that serves as evidence of the transfer of title to personal property.
• Claim — Definition,
  • A creditor's assertion of a right to payment from a debtor or the debtor's property.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Contract to Purchase — Definition,
  • A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
• Covenant — Definition,
  • A promise made in a contract or property deed.
• Deed (D) — Acronym, Very Important,
  • A document that provides title to property and is filed with a country recorder.
  ➥ Used to transfer ownership of assets, often land or automobiles.
• Housing Discrimination — Definition,
  • The illegal practice of discriminating against buyers or renters of dwellings on the basis of race, colour, religion, national origin, sex, family status or disability.
• Land Contract (LC) — Acronym,
  • An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
• Land Title — Definition,
  • The legal document conveying title to a property.
• Note — Definition,
  • A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
• Purchase Agreement — Definition,
  • A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
• Sale-leaseback — Definition,
  • A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
• Sales Contract — Definition,
  • A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
• Seller Carryback — Definition,
  • A form of financing in which the seller of a property accepts a down payment and agrees to accept payments until the property is paid for.
• Title — Definition,
  • Evidence of a person's right to possession ownership of a property.