✅ Faster closing with no bank approval needed and more flexible credit requirements.

You move in immediately, but the seller keeps the legal title until you pay the full purchase price. The Process:

You and the seller agree on a purchase price, down payment, and interest rate.

Once the final payment is made, the seller signs a warranty deed to transfer ownership to you. Pros & Cons:

A Contract for Deed (or land contract) is a setup where you pay the seller in installments instead of getting a bank mortgage.