Bond for Deed Contracts will have stipulations regarding late payments. The cancellation of a bond for deed happens more quickly than with other transactions. Once a 45-day default notice is given and the default is not cured the contract is subject to being canceled. Once canceled the buyer must vacate the property. Should they fail to do so they may be evicted by the local sheriff. The Seller is then free to sell, lease, owner finance or Bond for the Deed the property. The stipulations as outlined and recited in the Bond for Deed Contract may vary according to what the parties in the Bond for Deed Contract initially agreed upon regarding any reimbursements of installments or any property upgrades. Installments paid may be held as liquidated damages consequently any deterioration of the property by Buyers not taking care of the property may also be part of the consideration of the sum of monies received. Any taxes paid by the buyer on the property and insurances, if separate from the installments will be stipulated in the Bond for Deed Contract on the method of reimbursement if at all should a cancellation occur. Those items will need to be agreed upon during the signing of the Bond for Contract so that all parties are aware of the details of transactions and the actions that may occur should a cancellation happen.