Bond for deed
Encyclopedia
A bond for deed is a contract
to sell
real property
in which the purchase price
is to be paid by the buyer
to the seller in installments and in which the seller, after payment
of a stipulated sum, agrees to deliver title
to the buyer. It may also be called a "contract for deed" or a "Land Contract"
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
to sell
Sales
A sale is the act of selling a product or service in return for money or other compensation. It is an act of completion of a commercial activity....
real property
Real property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...
in which the purchase price
Price
-Definition:In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.In modern economies, prices are generally expressed in units of some form of currency...
is to be paid by the buyer
Buyer
When someone gets characterised by their role as buyer of certain assets, the term "buyer" gets new meaning:A "buyer" or merchandiser is a person who purchases finished goods, typically for resale, for a firm, government, or organization...
to the seller in installments and in which the seller, after payment
Payment
A payment is the transfer of wealth from one party to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation....
of a stipulated sum, agrees to deliver title
Title (property)
Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership...
to the buyer. It may also be called a "contract for deed" or a "Land Contract"