Never heard of the term. I have heard of a "contract for deed" which is when you are making installment payments to the seller but you don't actually get the deed until you have paid off the loan in full.

If you are interested in the property, consult with an attorney first before you consider a contract with this seller.

Bond to deed is a contract for deed in Louisiana.

Typically, they are a little risky for the buyers as there is no public notice of ownership transfer and sellers can use the property as collateral even after selling the property. There is relatively little risk for sellers which is why sellers do not mind doing it.

You really need to consult an attorney or do some serious homework on the laws in your state concerning this arrangement.

Good luck