Contract for Deed

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 52 of 72

A contract for deed, also known as a land contract or installment sale, is a form of seller financing where the seller retains legal title to the property until the loan is fully paid. The buyer moves in, takes possession, and pays the property taxes and insurance, but they do not receive the deed immediately. Instead, they make monthly installments to the seller. Only after the buyer has paid the total agreed-upon purchase price does the seller deliver the deed conveying ownership. This offers the seller strong protection, as they still technically own the land if the buyer defaults.