Installment Contract Agreement With Seller In Maricopa

State:
Multi-State
County:
Maricopa
Control #:
US-002WG
Format:
Word; 
Rich Text
Instant download

Description

A retail installment agreement is an agreement signed by the Purchaser involving a finance charge and providing for the sale of goods or services. Federal and some State Laws (Consumer Credit Protection Acts) require the disclosure of what the Purchaser is being charged for the credit he/she is receiving. These disclosures include such things as the amount being financed; finance charges; the annual percentage rate; and the number of payments and when due. However, such disclosures are usually only required when a person regularly extends consumer credit (e.g. more than 25 times in the preceding calendar year).



This form is for a casual seller who does not enter into such transactions on a regular basis. It can also be used in commercial transactions (e.g., credit that is not being extended primarily for personal, family, or household purposes).



The Purchaser in this form grants the Seller a security interest in the collateral being sold. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The Seller requires the Purchaser to secure the obligation with the personal property being purchased so that if the Purchaser does not pay as promised, the Purchaser can take the collateral back, sell it, and apply the proceeds against the unpaid obligation of the Purchaser.

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FAQ

Under this financial arrangement, the purchaser takes equitable title to the real property and has the right to possession and use of the real property while making installment payments to the seller.

A contract for deed, also known as an installment sales contract or installment land contract, is a legal agreement where a buyer makes regular payments to the seller for the property over time.

The answer in Arizona is no unless the buyer is in breach of the contract. A buyer and Seller are legally under contract once both sign the contract and it is delivered. At that point it is a legally binding contract.

And failing to abide by the contractor. Will have legal consequences. So if a seller is wanting toMoreAnd failing to abide by the contractor. Will have legal consequences. So if a seller is wanting to do so then we recommend they seek legal advice immediately due to the legal. Ramifications.

Listing agreements are usually cancelled only with the mutual consent of the involved parties.

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Installment Contract Agreement With Seller In Maricopa