Bond for deed (bond for title)

Bond for deed (bond for title)

Bond for deed, which is also called as a contract for deed, in which the property is sold to the purchaser by the seller in monthly or weekly installment prices, which the seller after the payment by the purchaser agrees to sell the title. A bond deed gives both the parties, the buyers, and the sellers, the opportunity to negotiate with the prices, interest and payments regarding the terms and conditions. And to mention that, the fees related to insurance or tax, can  be directed towards the seller or the purchaser of the property at their own options, on or before the signing of the agreement.

A deed is referred to a written document, where the seller hands over the title or the property to the concerned purchaser. The deed must contain the name and location of that particular property, the details about the seller and the details about the purchaser before the parties signing in it. Before moving any further steps, to complete this deed, it has to be submitted at the Record of Deeds of that particular state and county. There are actually two types of deeds namely the warranty deed, which very well assures that the grantor of the property owns the title for the same, and another which is called the quitclaim deed, which directly transfers the interest of the ongoing property exchange in  which the seller is willing to sell it.  These two deeds have their own set of rules and regulations that have to have the utmost priority by the seller before he/she sells the land to the purchaser. Thus, this serves as a very important property document.

Bond For Deed (Bond For Title)
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Bond for deed (bond for title).

Know all by these presents that I, _________, of _________, in the County of _________, State of _________, am held and firmly bound to _________, of _________, in the County of _________, State of _________, in the sum of $_____, to the payment of which to obligee or h? executors, administrators, or assigns, I, by this bond bind myself, my heirs, executors and administrators.
The condition of this obligation is that obligor has agreed to sell and convey unto obligee a parcel of real estate situated on _________ Street in _________, and bounded as follows: _________, the same to be conveyed by a good and sufficient warranty deed of obligor, conveying a good and clear title to the same, free from all incumbrances:
For such deed and conveyance it is agreed that obligee shall pay $_____, of which $_____ have been paid this day, and $_____ are to be paid in cash upon the delivery of the deed, and the remainder is to be paid by the note of obligee, dated _________, bearing interest at _____% per annum, payable semiannually, and secured by a power of sale mortgage, in the usual form, upon the premises, such note to be payable to the order of obligor in _________ years from the date of it.
Therefore, if obligor shall, upon tender by obligee of the above stated cash, note, and mortgage, at any time within _________ days from this date, deliver to obligee a good and sufficient deed as above stated, then this obligation shall be void; otherwise it shall be and remain in full force and effect.
In witness, etc.