Printable Format58-5201. Citation of act. (a) K.S.A. 2024 Supp. 58-5201 through 58-5204, and amendments thereto, shall be known and may be cited as the Kansas contract for deed act.
(b) As used in K.S.A. 2024 Supp. 58-5201 through 58-5204, and amendments thereto:
(1) "Buyer" means a person who purchases property subject to a contract for deed or any legal successor in interest to the buyer.
(2) "Contract for deed" means an executory agreement in which the seller agrees to convey title to real property to the buyer and the buyer agrees to pay the purchase price in five or more subsequent payments exclusive of the down payment, if any, while the seller retains title to the property as security for the buyer's obligation. Option contracts for the purchase of real property are not contracts for deed.
(3) "Property" means real property located in this state upon which there is located or will be located a structure designed principally for occupancy of one to four families that is or will be occupied by the buyer as the buyer's principal place of residence.
(4) "Seller" means any person who makes a sale of property by means of a contract for deed or any legal successor in interest to the seller.
History: L. 2024, ch. 63, ยง 10; July 1.