Only real immovable property can qualify for this type of transaction. The property can be paid off already or have an existing mortgage. It can be located in an area that is harder to sell or it can be in any neighborhood. The property must be immovable and may or may not need additional work. Buyers can make improvements on the property; however, they are not entitled to any type of reimbursement or compensation for such improvements in the event that they default on the contract. Also, although buyers may increase the property’s value through their improvements, should they fail to maintain the property, then the Bond for Deed Contract may contain language that specifies penalties for such poor upkeep. It is always in the best interest for all parties to the Bond for Deed Contract to have a clear understanding of maintaining the property for the benefit of all parties to the Bond for Deed Contract.