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In today's video, Michelle discusses the concept of a contract for deed when purchasing real property. This can be for various types of properties such as land, houses, condos, farms, or businesses. Unlike buying outright or having a lease with a purchase option, a contract for deed involves the buyer making payments to the current owner or another entity for a specified period. Payments could be monthly or periodic with a larger final payment, or a series of equal payments until the property is fully paid off. The key difference is that the buyer does not own the property until all payments are made.
