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XP: Contract for Deed

+Jossy++Jossy+
in Buying A Home
Can anyone tell me about this? My sister mentioned that she may be doing a contract for deed on a house that she wants to buy if she can't get qualified for a loan. 
Thanks!
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Re: XP: Contract for Deed

  • Juris11Juris11
    Usually this means seller financing. Here we also call it a land installment contract. Basically the seller agrees to accept monthly payments from the buyer directly over a period of time until the buyer has paid off the agreed purchase price. The buyer gets possession of the house while they are paying. The title to the house usually remains with the seller until the buyer has paid the entire amount, but the contract will be recorded in the land records so that anyone searching the property knows that the buyer has a claim on the property.
    Daisypath Anniversary tickers Image and video hosting by TinyPicImage and video hosting by TinyPic *This is not legal advice*
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