contract for deed
Defined in 1 place of the United States Code.
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.
Source
- 1994–present26 U.S.C. § 143Internal Revenue Code · Mortgage revenue bonds: qualified mortgage bond and qualified veterans mortgage bond · in this section