In an installment agreement, the real estate purchaser agrees to pay the seller the full purchase price over time in payments; they also agree that the purchaser will take immediate possession of the property.
What is purchase contract?
- A sort of contract known as a purchase agreement describes the terms and conditions around the selling of goods. The agreements are a legally binding contract between the buyer and seller and usually deal with the purchase and sale of items rather than services. They encompass almost all product-related transactions.
- Balloon mortgage: A mortgage with constant monthly payments that amortizes over a given term, but also necessitates the payment of a lump sum at the conclusion of a previous term. Balloon Payment: The last lump sum made at a balloon mortgage's maturity date.
- When the buyer is taking over the seller's mortgage, the difference between the mortgage's balance and the sales price may be financed using a purchase-money mortgage.
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