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In a conditional sales contract, the seller sells the asset and transfers possession to the purchaser, but retains title to the asset until the purchaser has fully paid for it. There cannot be a lease with a $1 buyout. In substance, it is a sale. This type of transaction is considered a conditional sales contract.
In a conditional sales agreement, a buyer takes possession of an asset, but its title and right of repossession remain with the seller until the purchase price fully paid. If the buyer defaults, the seller can repossess the property.
A Conditional Sale agreement is the same as Hire Purchase, except that you will automatically own the car once the finance has been repaid in full.
Conditional Sale is a traditional way of purchasing a car on finance, offering a straightforward agreement that involves paying a deposit followed by equal monthly payments, similar to a personal loan.
Conditional contract is an agreement that is enforceable only if another agreement is performed or if another specific condition is satisfied. A conditional contract is also termed as hypothetical contract.
Conditional sale. Conditional sale is similar to hire-purchase. The agreement usually includes the condition that the goods don't belong to you until you've paid the final installment and the lender may be able to repossess (take back) the goods if you fall behind with payments.
A conditional Contract means the sale of the property will only occur if certain conditions are met. Including conditions can protect you if those conditions are not met, and you want to withdraw from the Contract. The wording of the condition/s is very important to ensure your rights are protected.
Yes, a buyer can back out of a sales contract before closing — but what are the consequences. If the buyer backs out, they may have to forfeit part or all of this money, depending on the terms of the original sales agreement, including contingencies in which the buyer can walk away.
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