Conditional Contract Of Sale Example
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How to fill out Conditional Sales Contract?
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FAQ
Broadly, a conditional contract is a contract that is subject to one or more conditions in the contract of sale. If a condition in the contract is not met, then either one or both of the buyer or seller will be able to terminate the contract.
What to Include for a Conditional Contract Concerning a Mortgage: The name of the lender. The amount of the advance. The time limit by which application must be determined. Should the buyer be entitled to withdraw from the contract if the mortgage offer is subject to certain conditions or a retention is to be made.
The consumer may pay a deposit to the retailer for the item?say a television set?and agree to a certain number of payments under the deal. Until the set is paid off in full, the retailer has the ability to take it back if the customer defaults on payments.
Any purchase agreement should include at least the following information: The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
A type of conditional contract is an option agreement. The option is given to a party to buy a particular property within a particular amount of time. If a party does not ?call? on the other party to sell them the property or buy the property at the set price within the option period, it lapses.