An agreement for Deed, also known as a Contract for Deed or an Installment Land Contract, is a transfer of real interest in property. The Seller is referred to as a “Vendor” and the Purchaser is called the “Vendee”. The interest acquired by the Vendee is an equitable interest. Legal title is transferred from the Vendor to the Vendee by a Warranty Deed at the time the Vendee has fulfilled all of their payments and obligations under the agreement. The Deed may be held in Escrow at the time of the closing of the agreement (for ease) with terms for release once the obligation is met. Transfer taxes are due at the time of the recording of the Deed. A Memorandum of the Agreement may be recorded in lieu of the Agreement so that the terms are not disclosed and remain private to the parties.
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