Subject to, Contract for Deed, Wrap Around

[Nathan Waters]

I am closing on my first seller financed deal in about a week. It is a contract for deed. There is a current lien on the house that I will be paying to ensure its not missed. But my question is this:

Whats the difference between Subject to, contract for deed, or wrap around mortgage? If someone can explain any details that differentiate, I would appreciate it. Subject to and contract for deed seem very similiar. From my understanding, a wrap around is a new mortgage from a lender that includes the initial mortgage? I may be off on that one.