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In order to cancel a contract for deed, a seller needs to complete a form called a notice of cancellation of contract for deed, and have the notice personally served on the buyer.

Primary tabs. Contract for deed is a contract for the sale of land which provides that the buyer will acquire possession of the land immediately and pay the purchase price in installments over a period of time, but the seller will retain legal title until all payments are made.

Filing required. All contracts for deed executed on or after January 1, 1984, shall be recorded by the vendee within four months in the office of the county recorder or registrar of titles in the county in which the land is located. Any other person may record the contract.

A rent to own is still a lease agreement with a landlord/tenant relationship, while contract for deed allows you to purchase the property and enjoy all the benefits of home ownership. In fact, contract for deed is the only alternative home financing option available to buyers who still want to own their home.

A contract for deed is an alternative financing agreement in which the seller finances the sale of the property rather than a lender. No Mortgage Registration Tax (MRT) is due on the recording of a contract for deed because a contract for deed is exempted under the MRT law.

(6) Within four months of signing the contract for deed, you must "record" it in the office of the county recorder or registrar of titles in the county in which the property is located.