Paying for a home through a Bond/Contract for Deed

HO-04-02-00-00

Definition
This category covers options for someone who wants to pay for a home through borrowing money, and the borrower keeps the deed and the legal title to the house (and the borrower has physical possession of the house). It is usually known as a Bond for Deed or Contract for Deed arrangement. This includes dealing with consequences if the buyer defaults on the payments, what happens when the buyer makes improvements to the home, lawsuits that might result from using this bond/contract.