In Louisiana Bond for Deed is where the buyer makes a down payment but does not take title to the property. It is often a way to owner finance where the buyers has a note to the seller. If the buyer defaults, he loses all. His downpayment and whatever he has paid on the property. The note is paid to an intermediate step who pays the mortgage if the seller has one.When things get tough its a way to sell. The buyer takes the chance that he can pay the note. In practical terms the buyer generally refinances and pays off the seller. It rarely hangs around for more than 10 years. Its a great tool to use for flooded homes where the buyewr has a hard time gettig a loan and the seller has a hard time selling otherwise. I am not sure this exists in other states?