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), 8.8 out of 10 based on 4 ratings