Contract for Deed

[Lawrence R.]

In my state, a Land Contract, Purchase under contract, or Contract of sale or Contract for Deed are all the same thing. I see these a LOT in the Assessor's office, as the "purchaser" under contract can apply for legal residence as an OWNER/occupier of the property. Our state necessarily says that the purchaser under contract has a current ownership interest in the property. If the seller/financier wishes to remove the purchaser for default, they are required to foreclose.

So, my opinion, much like JoAnn's is that a purchase has been consummated and the owner is trying to refinance at better terms.

Clearly, this varies from state to state. An attorney could probably answer this for you over the phone, free of charge.