contract for deed
Defined in 1 dictionary — U.S. Code
United States Code
26 U.S.C. § 143 — in this section
For purposes of this subparagraph, the term “contract for deed” means a seller-financed contract for the conveyance of land under which—
(I) legal title does not pass to the purchaser until the consideration under the contract is fully paid to the seller, and
(II) the seller's remedy for nonpayment is forfeiture rather than judicial or nonjudicial foreclosure.