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In this video, Michelle discusses the concept of a contract for deed in real estate transactions. She explains that when purchasing property—such as a house, condo, land, farm, or business—buyers have various options, including outright purchase, lease with a purchase option, or a contract for deed. A contract for deed involves the buyer making payments to the current owner or a lender, like a bank, over a specified period. These payments may be regular monthly payments, a larger final payment, or equal installments. Importantly, the buyer does not obtain ownership of the property until all payments are completed, distinguishing it from outright purchases.
