Legal Question in Real Estate Law in Virginia

A contract for deed is way to buy property for those who cannot qualify

for a regular mortgage. The buyer signs a contract for purchase of the

property, agreeing to pay so much per month for the required number of months, but unlike the buyer with a regular mortgage, does not acquire title to the

property until the very last payment due under the contract is finally made.

And, in the meantime, if the seller happens to die before the contract can be

paid off, the seller's heirs receive the property since title would've remained

with the seller under these circumstances and the buyer would likely

get little more than a notice to vacate.

Contract for deed obviously is not a very desirable way to purchase

property.