In a Bond for Deed Contract, the Buyer will make installments to the Seller and/or Servicing Company as per the terms of the Bond for Deed Contract, along with any specified Balloon payments. Once the Bond for Deed Contract has been fulfilled under the terms of the Bond for Deed Contract, then the Seller will relinquish the Title to Buyer. If an underlying mortgage note needs to be cancelled it is cancelled upon payments in full of the mortgage by the title company or attorney handling the title transfer with the proceeds of the bond for deed payoff. Any funds remaining after the payoff of an underlying mortgage are payed to the seller.