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What is a contract for deed and how does it work?

The seller of real property provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments.

Under a land contract, the seller retains the legal title to the property, while permitting the buyer to take possession of it for most purposes other than legal ownership.

The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the time length of payments shorter than in the corresponding fully amortized loan (i.e., a loan without a final balloon payment).

When the full purchase price has been paid including any interest, the seller is obligated to convey (to the buyer) legal title to the property.

An initial down payment from the buyer to the seller is usually also required.

How Much down do I need for a contract for deed Home?

You can expect to put down 10% of sale price agreed upon of the property.

Sometimes the seller or investor will want 15% to 20%.

All terms are negotiable but the investors typically wont budge too much on the cd terms.


Sellers usually will carry the contract for deed for 3-5 years on average.

Investors may go higher 5-7 years depending on down payment.


How to cancel a Minnesota contract for deed ?

To cancel a contract for deed in Minnesota, it takes at least 60 days.

You are required to serve a notice of cancellation on the buyer and then 60 days later the contract is terminated.

The Cd Buyer has the right to catch up payments in this time frame to cure the default.

There is No Mortgage Registration Tax (MRT) is due on the recording of a contract for deed because a contract for deed is exempted under the MRT law.

Can I pay off the contract for deed Early?

In Minnesota there is no prepayment penalties allowed.

Buyers can always pay off the contract for deed at any time during the contract for deed terms.


This is a Free MN contract for deed form we use to record in the county you live in once the closing is completed.

MN contract for deed form free

 All properties for sale in Minnesota by cities!

A  Contract for Deed is a method of financing the purchase and sale of Minnesota real estate by which the purchaser:

  • Buyer promises to pay to the seller the purchase price for the real estate over a specified number of months or years, Which is usually 3 to 5 years on average.
  • The Cd buyer then receives equitable title to the real property including the right to possession of the real property.

Upon payment by the purchaser to the seller of the complete purchase price, the seller will convey the title to the purchaser pursuant to the delivery of a deed of conveyance.

There are more Minneapolis Contract for deed Properties than other cities due to the size of the City.

Minneapolis is the largest city in Minnesota.

Saint Paul is the 2nd largest. You can expect to see more listings  for sale.

Steve Vennemann for all your Real Estate Needs


Over 25 years of real estate experience.