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<blockquote data-quote="HereWeGoAgain" data-source="post: 417832" data-attributes="member: 3485"><p>OK I searched cfd on the web. It is "contract for deed". Basically the owner finances the sale and retains the deed to the property. When the loan is paid, the deed is transferred to the buyer. It might be used in situations where the buyer does not meet conventional mortgage requirements, e.g. not enough down payment. Since there is no third party mortgage holder to satisfy, there is no requirement for inspection, title insurance, etc. (Maybe avoiding an inspection which would uncover the mold problem was a motivating factor for the seller here?) Typically as the loan is paid, the buyer gains some percentage of equity, which is forfeit if the buyer defaults.</p><p> </p><p><a href="http://en.wikipedia.org/wiki/Land_contract" target="_blank">http://en.wikipedia.org/wiki/Land_contract</a></p></blockquote><p></p>
[QUOTE="HereWeGoAgain, post: 417832, member: 3485"] OK I searched cfd on the web. It is "contract for deed". Basically the owner finances the sale and retains the deed to the property. When the loan is paid, the deed is transferred to the buyer. It might be used in situations where the buyer does not meet conventional mortgage requirements, e.g. not enough down payment. Since there is no third party mortgage holder to satisfy, there is no requirement for inspection, title insurance, etc. (Maybe avoiding an inspection which would uncover the mold problem was a motivating factor for the seller here?) Typically as the loan is paid, the buyer gains some percentage of equity, which is forfeit if the buyer defaults. [URL]http://en.wikipedia.org/wiki/Land_contract[/URL] [/QUOTE]
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