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A contract for deed, also known as a "bond for deed," "land contract," or "installment land contract," is a transaction in which the seller finances the sale of his or her own property. In a contract for deed sale, the buyer agrees to pay the purchase price of the property in monthly installments.

Define a land contract. A contract in which the seller finances the sale of real estate in installment payments from the buyer rather than financing through a third party lender.

Land contracts, also referred to as installment contracts, are commonly used when the purchaser does not have sufficient cash to take title and pay the balance of the purchase price.

Land contracts are often what come to mind when a buyer and seller are considering seller financing. A land contract is a written agreement by which a seller, or ?vendor,? promises to convey the seller's property to the purchaser, or ?vendee,? if the vendee makes payments under an installment payment plan.

Also known as a contract for deed, land-installment contract, bond for deed, bond for title or agreement for deed, a land contract is a form of seller financing that may appeal to buyers or sellers who want an alternative to a traditional mortgage.

Land Contract Basics No bank or lender is involved. However, the deed and legal title to the house stay with the seller until the installment payments are complete; so in that way, the buyer is like a tenant with an obligation to buy the property.

Commercial land contracts allow the buyer to inhabit the property immediately. While you, as the seller, still hold the deed and the legal title to the property, the buyer will usually adopt the responsibilities of both property maintenance and taxes.

A real estate purchase agreement in Ohio does not need to be notarized, but it is highly recommended that the contract be signed in the presence of a notary public.

Also known as a contract for deed, land-installment contract, bond for deed, bond for title or agreement for deed, a land contract is a form of seller financing that may appeal to buyers or sellers who want an alternative to a traditional mortgage.

A land contract purchaser is not a renter, but has partial ownership while they are making payments. The seller holds the deed until the purchase is fully paid, and the buyer has most of the other rights and responsibilities of ownership throughout the payment period. It is a legally binding agreement.