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What is a contract for deed? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, it is a method of financing, where the seller’s name remains on the title until the buyer has paid the full purchase price. Some jurisdictions along with the Consumer Financial Protection Bureau (CFPB) have raised concerns that contracts for deeds may violate truth in lending laws. A contract for deed, may often be referred by other terms, such as: terms contract, land contract, agreement for deed, installment sale agreement and land installment agreement. A contract for deed is often construed as a unilateral contract, and thus a buyer’s assignment to another buyer is generally prohibited without the seller’s consent who is providing the financing. There are many reasons why a contract for deed may be used, such as: a way of short-term seller financing, attraction of a larger pool of potential buyers, seller lack of financial condition and/or sufficient time to obtain financing, an attempt to avoid triggering acceleration clauses. Some courts and jurisdictions have taken steps to limit and/or eliminate the use of contract for deeds.

 

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