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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Contract For Deed


Synonyms:agreement, arrangement, contract, legal document, note, property, title
Acronyms &
abbreviations:
CFD
Filed Under: legal-contracts, real-estate
Tags: classifieds, contract, legal, property listing, realty
 

Definition of contract for deed (CFD)

contract for deed (CFD)
1. 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.

Related Terms and Acronyms:

  • bill of sale (BS)   A written document that serves as evidence of the transfer of title to personal property.
  • claim   A creditor's assertion of a right to payment from a debtor or the debtor's property.
  • deed (D)   A document that provides title to property and is filed with a country recorder.
      ➥  Used to transfer ownership of assets, often land or automobiles.
  • land contract (LC)   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   The legal document conveying title to a property.
  • note   A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
  • purchase agreement   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   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   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."
  • title   Evidence of a person's right to possession ownership of a property.

More Related Terms and Acronyms

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