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

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.
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