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Conditional sales contracts allow the seller to repossess the property if the buyer is late in payment. By: Conditional sales contract in A Dictionary of Finance and Banking “The same applies to car purchase contracts. In some states, buyers can drive the lot car by signing a conditional sales contract. These contracts are usually signed when funding is not yet complete. However, the title and registration of the vehicle remain in the name of the dealer, who has the right to take back the vehicle if the conditions are not met. This means that the seller is still working to secure the financial terms of the agreement, or the seller must invent his own to finalize the purchase. If you fall back into the payment of a conditional sales contract, the creditor can repossess the goods. The buyer can take possession of the property as soon as the contract is in effect, but only owns the property when it is fully paid, which is usually done in increments. If the company is late in its payments, the seller will take possession of the item.
A conditional sale is a real estate transaction in which the parties have set conditions. 2 A conditional sale, z.B. with a duty of care. A conditional sales contract is a financing contract whereby a buyer takes possession of an asset, but retains ownership and the right of withdrawal to the seller until the purchase price is paid in full. As noted above, conditional sales contracts are generally used by companies to finance the purchase of machinery, office supplies and furniture. The buyer and seller meet and start the contract with an oral agreement. Once both agree to the terms, the buyer enters into a formal and written contract that describes the terms, including down payment, delivery, payments and conditions. The contract should also include what happens if the buyer is late and if a full payment is expected. The conditional sales contract may consist of prior oral agreements between the seller and the buyer.