<--Back to Wiki Home

Define Contract for Deed in Real Estate

Contract for Deed: 

A Contract for Deed is an agreement between a buyer and a seller, where the buyer agrees to pay for the property over time instead of all at once.

Example: 

Here's an example: let's say you want to buy a house, but you don't have enough money to pay for it all at once. The seller of the house agrees to sell it to you through a Contract for Deed, which means you'll make regular payments to them over time until the full amount is paid off.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

A Contract for Deed, oh what might that be?
A way to buy a house without paying a fee!
You make payments over time, not all at once,
Until the property is fully bought, then you'll have some fun!
It's an agreement between buyer and seller, you see,
To help you own a home, just as happy as can be!