Contract for deed home sales used to be mostly unregulated in Kansas. A new law changes that
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 to a bank, with the expectation that the home’s title will be transferred to the buyer once all installments are paid.The mechanism, also known as a land contract, offers a low-barrier pathway to homeownership – especially for people with poor credit looking to avoid traditional lenders.But state lawmakers, the Federal Trade Commission and even research organizations like Pew Charitable Trusts have found the contracts can be risky for buyers.
