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State Laws

A contract for deed is sometimes known as a land contract, an agreement for deed, a contract sale or real estate installment agreement.  A contract for deed is useful in situations where the buyer cannot easily obtain financing from other sources.  It allows the seller to retain the title to the property and agree to transfer the title to the buyer once all the payments under the agreement are made and all other obligations are met.  The seller finances the purchase and holds the title or deed as security.  A contract for deed also allows seller to gain interest income from the outstanding balance.  The law in some states requires a seller to make additional written disclosures, including disclosures about the condition of the house and any known problems.

Inside State Laws