An agreement for deed is a form of owner financing wherein the seller retains the title to the property and allows the buyer to take possession of the property. The seller provides equitable title, which means that the buyer has all the legal rights to the property except for legal title, which is held by the seller for the purposes of securing payment. However, Florida law treats an agreement for deed the same as a Note in Mortgage. Our law office generally does not use agreements for deed because there is no particular advantage over a Note in Mortgage.
If you have any questions about buying or selling a house, agreements for deed, notes in mortgage, or other related matters, please give us a call at (727) 847-2288.