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Simple English definitions for legal terms
bond for title
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A quick definition of bond for title:
A bond for title is an agreement in real estate where the seller keeps legal ownership of the property until the buyer pays the full purchase price. It is also known as a bond for deed. This means that the buyer has the right to use and occupy the property, but the seller still holds the title until the buyer fulfills their payment obligations.
A more thorough explanation:
Definition: Bond for title is a real estate agreement where the seller retains legal ownership of the property until the buyer pays the full purchase price. It is also known as bond for deed.
Example: John wants to buy a house from Jane, but he cannot afford to pay the full price upfront. They agree on a bond for title arrangement where John will make monthly payments to Jane until he pays the full price. During this time, Jane will retain legal ownership of the property.
This example illustrates how bond for title works. The buyer and seller agree on a payment plan, and the seller retains ownership until the buyer fulfills their payment obligations.