Have you wondered how some people are able to buy a house without using a bank or a suitcase of cash? Most likely, that buyer benefited from something called a contract for deed.

Contract for deed is also known as a land contract, an installment contract or a bond for deed. No matter the name, it basically amounts to a deal where the seller provides the financing for the purchase.

While this idea seems like a breeze, there are lots of things to consider for buyers and sellers. Let’s go through some of the pros and cons briefly today.

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