Contract For Deed
- 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.
agreement, note, title, property, arrangement, contract, legal document
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,
➥ Used to transfer ownership of assets, often land or automobiles.
- A document that provides title to property and is filed with a country recorder.
- 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.