A contract to sell real property requiring installment payments until title is delivered is known as?

A contract to sell real property that requires installment payments until the title is delivered is known as a bond for deed. This type of agreement allows the buyer to take possession of the property and make payments over time, but the seller retains legal title to the property until all payments are fully made. This arrangement can be beneficial for buyers who may not have sufficient funds for a full down payment and for sellers who want to retain control over the property until the buyer fulfills their financial obligations.

The bond for deed serves as a means of securing the transaction and ensuring that the seller has a recourse if the buyer defaults on the payments. It differs from other instruments such as a sale agreement, which typically outlines the terms and conditions of the sale without necessarily involving installment payments, or a mortgage agreement, which involves a loan taken out to purchase property where the bank retains a lien until the loan is paid off. An affidavit of sale, on the other hand, is a legal document that affirms that a sale has occurred but is not involved in the payment structure or title retention aspects of the bond for deed.