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Contract for deed can be house of horror for buyers
A Star Tribune investigation of 1,330 Twin Cities real estate transactions known as contracts for deed reveals that they are beset by inflated prices, high interest rates and other terms that almost guarantee the buyer will default. In hundreds of cases, records show, sellers failed to provide mandated home inspections that would have revealed code violations and safety hazards. Some buyers said they were misled about outstanding debts attached to the properties. Others thought they were signing a lease.