what is a contract for deed?

Answer 1

A contract in which a property title is transferred only after the buyer makes a certain number of monthly payments. also called contract sale.

It's also known as a land contract.

Answer 2

Agreed with answer 1. Use it if you think the buyer has a large chance of not completing all payments and you want to be able to still have teh title in your name and not take it back. Then it is almost as if they are making monthly rent payments, but have teh opprotunity to make alterations to the property as they see fit and have teh responsibility of repairs.

Also similar to a lease to own agreement.