12 Aug Instalment Contracts
What is an Instalment Contract?
An Instalment Contract is an agreement whereby the Buyer pays the purchase price to a Seller in gradual increments without having the immediate transfer title to the property made in exchange for payment. It is important to be aware of these Contracts as the laws surrounding them change the rights between a Seller and Buyer from the normal rights contained in a standard REIQ or ADL Contract.
NOTE: A Contract is automatically deemed to become an instalment Contract if the deposit is for an amount of more than 10% of the purchase price.
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