bond for deed scenario

[Matthew Wright]

With this type of financing, can I refi into long term financing with bank, when it’s time to pay off seller? Or is it treated as purchase (requiring 20% down with bank)? Is deed in my name right out of the gate or is it more like rent to own? Ive had a seller hold note before and I was able to rehab the property and just go to bank and refi, not needing to put a down payment into the deal, which is great. However I’ve never done “bond for deed” so i need to know if I’ll be able to just refi or need to purchase, when it’s due.