Contract for Deed=Mortgage

Clients sometimes want to sell property and finance the purchase with a contract for deed.  In essence, the buyer makes payments to the seller but only receives legal title to the property after all payments under the contract are made.  Not a good plan for the buyer, the seller could die, prior mortgages are not paid, liens or judgments could attach before legal title is conveyed.  There is no real benefit to the seller, as the contract for deed must be foreclosed like a recorded mortgage.  Maybe sounds good on late night t.v., but not in practice.

Mitch