Establish property records and record real estate transactions within Hennepin County. A contract for deed means that instead of paying the seller all at once, you buy the house over a period of time, like 3-5 years.We record and maintain legal property documents, such as mortgages, deeds, assignments, liens, releases, satisfactions and many others. A contract for deed is an alternative financing agreement in which the seller finances the sale of the property rather than a lender. A contract for deed is a conditional sales contract for the purchase of real property. It is similar to a mortgage; however: How do I fill this out? The buyer generally will not receive title to the property until payments are complete under the contract. Asset Value of the Agreement – Buyer. Recording of Contract; Deed Tax.