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Under a land contract, the purchase price for the real estate is paid over time. The buyer may or may not make a down payment, but will usually make monthly payments until the purchase price, plus the interest, are paid in full. The seller retains legal title to the real estate until the purchase price is paid in full.

Contracts for Deed (also known as Agreement for Deed, Contract Sale, Real Estate Installment Agreement, or as I would say ?Contract for Doom?) are legally binding.

By law, a Pennsylvania real estate sales agreement must provide a description of the property and any identifiable damage. Sellers must disclose any structural defects or problems tied into the property. This is to ensure buyers sign and agree to the sale with a full understanding of the property's condition.

If you're the buyer in a contract for deed arrangement, you need to be aware of the following risks. Property maintenance. One contract for deed drawback is the uncertainty over who's responsible for what. ... No foreclosure protection. ... Balloon payment. ... Seller retains title. ... Less consumer protection.

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.

To be enforceable, a contract should have the following elements: Offer: One party must make an offer to the other party. Acceptance: The other party must accept the offer. Consideration: Each party must give something of value to the other party.