A bond for deed is a contract to sell real property in which the purchase price is to be paid by the buyer to the seller in installments and in which the seller, after payment of a stipulated sum, agrees to deliver title to the buyer. It may also be called a "contract for deed".
That which binds, ties, fastens, or confines, or by which anything is fastened or bound, as a cord, chain, etc.; a band; a ligament; a shackle or a manacle.
But usually a condition is added, that, if the obligor shall do a certain act, appear at a certain place, conform to certain rules, faithfully perform certain duties, or pay a certain sum of money, on or before a time specified, the obligation shall be void; otherwise it shall remain in full force.
If the condition is not performed, the bond becomes forfeited, and the obligor and his heirs are liable to the payment of the whole sum.
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