However, if default should occur most Contracts for Deed provide that the seller can cancel the agreement and retake possession of the land, keeping all installments already paid. The Supreme Court has ruled inconsistently on whether the seller must return all or a portion of installments paid. Whether the seller must return all or a portion of installments paid depends upon the circumstances. Owner financing occurs when the owner of property agrees with the purchaser to accept payment towards the purchase of property over time instead of receiving full payment at the time of sale. Owner financing is most often accomplished through a Contract for Deed.
Leases usually remain in effect or last a long time.
Neither party to a lease wants to be stuck with unfair or unreasonable provisions in a lease. This is especially true for business leases. Certain provisions need to be included in business leases to provide for flexibility and unforeseen contingencies. Form leases which are not tailored the parties needs can cause problems in the future. Title insurance protects the purchaser of property against defects in title and provides list of current title holders and all encumbrances of record.