What is a Contract for Deed?

A Contract for Deed is an agreement between a buyer and seller in residential real estate transactions in New Hampshire. Under this agreement, the buyer makes payments to the seller until the purchase of the property is complete. The buyer will typically take possession of the property immediately, but the seller will hold the deed to the property until the payments are completed. The buyer pays the seller in installments, with the amount of each payment determined by the agreement. The buyer must also pay all the taxes and insurance associated with the property during the time of the contract. The seller is obligated to maintain the deed on the property until the buyer has either paid the agreed sale price or defaulted on the payments. Once the buyer is finished making payments, the seller will provide the buyer with the deed to the property. The upside of this arrangement is that the buyer can take over the property as soon as the contract begins, but it is important to remember that the buyer does not actually own the property until the payments are finished. It is important to be aware of all the terms of a Contract for Deed before signing it, as these are legally binding agreements. Once signed, you may be subject to legal repercussions if either party fails to uphold the agreement. It is always advisable to consult a qualified real estate attorney prior to signing a Contract for Deed in New Hampshire.

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What is a Contract for Deed?

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