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In this video, Michelle discusses the concept of a contract for deed when purchasing real property, such as land, houses, or businesses. She explains that buyers have different options, including buying outright, entering a lease with a purchase option, or utilizing a contract for deed. In a contract for deed, the buyer makes payments to the current owner or a lender (like a bank) for a set period, often with varied payment schedules. Notably, the key distinction is that the buyer does not gain ownership of the property until all payments are fully made, unlike in an outright purchase where ownership is immediate at closing.
