WHY ROCKET LAWYER?
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Learn more about Contracts for Deeds
Purchasing a new home can be a challenge in any economy. A Contract for Deed can assist you in buying a home when other types of financing aren't available. By using a Contract for Deed, you can build your credit and take up residence in your new home by financing the sale through the seller. A Contract for Deed is used when a seller acts as the bank for the sale of their property to you. The seller finances the sale and you take up residence while making payments to the seller. It is important to know that the document name, Contract for Deed, is a bit misleading; it's not a deed at all. A seller retains the deed and ownership of the property until you pay off the full purchase price of the property, plus interest on the loan. A Contract for Deed is also known as a Contract for Sale, Land Sale Contract or Installment Contract.
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