bond for deed scenario

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With this type of financing, can I refi into long term financing with bank, when it’s time to pay off seller? Or is it treated as purchase (requiring 20% down with bank)? Is deed in my name right out of the gate or is it more like rent to own? Ive had a seller hold note before and I was able to rehab the property and just go to bank and refi, not needing to put a down payment into the deal, which is great. However I’ve never done “bond for deed” so i need to know if I’ll be able to just refi or need to purchase, when it’s due.

Bond for Deed, Bond for Title , Contract for Deed, Contract for Title, Land Contract etc. are all about the same thing depending on where you are from.  In these cases, you don't get ownership(title) until you fulfill the contract.  If you think about the words, Bond(Promise) for Deed(Ownership), then you can keep it straight.   The documented(or something) should be recorded to protect you as the buyer.   The document has a purchase and sale agreement and terms of your future payments, like a mortgage, all in one.  Some banks will consider it a refi when you want to get a bank loan and some won't.  Banks have guidelines that can be one way now and change next year when you are ready to refi.  If you can get the terms you need,  from the seller, why would you want to refi?  

However, you do have risk when you buy with these.  The seller could get a judgment that could attach to the property.  Remember, the seller is still on title.  The seller could get dead right before the closing and now you are dealing with an estate.  The seller(or a judge) has to sign a deed at some point in the future for you to get ownership.  Did you negotiate good enough terms with seller to take a little more risk?