Epic Real Estate

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An agreement for deed (also called a land contract, contract for deed, bond for deed or installment land contract) is a form of creative seller financing. Instead of getting a loan from a bank, the seller gives you the loan to buy their property and make payments to the seller. The main difference between this and a typical mortgage is with a mortgage you get title then make payments whereas with an agreement for deed it's the other way around. Here's the thing though - when you negotiate a mortgage with a bank you can be sure that all the terms will be in their favor. When you're negotiating with an individual, being creative in how you structure a deal can mean your agreement is much more flexible and beneficial to you! As a buyer, although you're not on the title you do have equitable rights protected by law, however there are a few additional things I recommend in order to further protect yourself.

Timestamps: 0.54 - what is an agreement for deed? 1:13 - what's the difference between an agreement or contract for deed and a mortgage? 1:38 - other names for an agreement for deed 1:48 - your equitable rights (and how to further protect yourself) 2:51 - benefits to buyers to purchasing a property via a land contract 3:22 - benefits to sellers to selling a property via agreement for deed 3:51 - the interest rate 4:07 - what you need to negotiate 4:30 - why a bond for deed is such a great creative financing strategy 5:41 - what you should negotiate for