Bond of Deed
A “Bond for Deed” is a contract between a buyer and seller when traditional mortgage financing is not possible. In this agreement, the buyer makes regular payments to the seller until the full purchase price is paid off. The seller retains ownership of the property until the buyer completes all payments. Once all payments are made, the seller transfers ownership of the property to the buyer. A “Bond for Deed” is a useful alternative to traditional financing and provides flexibility to both parties in real estate transactions.