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While I do agree with my colleagues here that this is a legal issue and you should seek advice from a good real estate attorney, on it's face, this does impact the contract. A contract for deed is a mortgage, and, as such, needs to be recorded as a lien against the property the same way any other mortgage is recorded with the county/state/municipality. So, that means the buyer's name is recorded on the deed as the new owner and the mortgage is recorded as a lien that the buyer is responsible for.
Absent that, it would mitigate the legal hold the buyer has on the property. This is JUST my take on how this type of transaction works. I advise you to consult a lawyer for a definitive answer.
Keller Williams Premier Realty