A house you can buy, but never own

Source: Alana Semuels - The Atlantic

In a contract for deed, the buyer purchases an agreement for the deed rather than buying the deed itself. The tenant has to fulfill the conditions of the agreement in order to get the deed, conditions that usually include making a series of timely payments over decades, paying for home repairs and general maintenance of the home, and paying taxes and insurance on the property. If he misses one payment, thus violating the agreement, he can be evicted, losing all the equity he put into the home.

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