A contract for deed is a purchase contract for real estate. What Does Balloon Payment Mean In Real Estate?(iv) The date that is 30 years from the date of this Impact Fund (Balloon) Loan Note. A balloon payment refers to a lump sum payment that is due at the end of a specified period in a loan agreement. Contracts for deed are back in style as a method of financing a real estate transaction. A contract for deed is seller financing. Learn about Balloon Mortgage with ContractCounsel's Real Estate Term Glossary. Click here to learn more. Beware the "Due on Sale" Clause in the Seller's Mortgage. Not be a current or previous seller or participant in the Minnesota Family Farm Security program.