Rep. Nick Hoheisel, a Wichita Republican, requested the bill for introduction in 2023. He said requiring contract for deed sellers to have a free and clear title is important.

The purchase price can be twice what the property is worth, records show. On average, contract-for-deed sales were about 10 percent above the estimated market value as set by county assessors.

A contract for deed -- also called a land installment contract -- allows a homeowner to contract with a buyer for the sale of property without the buyer needing to qualify for a mortgage loan.

“In a contract for deed, buyers purchase a property over time directly from a seller, without a bank or other lender financing the purchase,” explained Sen. Tina Smith (D-MN).

Sometimes these deals are also called “lease-to-own.” With a contract for deed, you make monthly payments to the seller, and the seller keeps legal title until you pay off the home.

The contract for deed option is marketed as a way for people who can’t get a conventional mortgage to realize the dream of owning a home. But more often than not, buyers do not end up as homeowners.

Q–I sold a home on contract-for-deed in 1991. It is a seven-year contract for $82,000; I get $480 a month and there’s a balloon payment of $60,000 at the end. The first three years went… ...

How do land contracts work? Because there is no traditional lender and no loan-related fees or closing costs, a land contract is a faster, cheaper process than getting a traditional purchase mortgage.

WICHITA, Kan. (KMUW) — A new law regulating contract for deed home sales is now in effect in Kansas. Contracts for deed allow a homebuyer to make monthly payments directly to a seller instead of ...

Pew found 686 land contracts were recorded in Kansas from 2005 to 2022 – but researchers say that’s likely a vast underestimate because the contracts don’t have to be tracked.