Installment Contract In Law Definition In Washington

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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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An installment contract is a single contract that is completed by a series of performances –such as payments, performances of a service, or delivery of goods–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties .

An installment contract offers a buyer less protection than a traditional mortgage. This is true mainly because of forfeiture provisions, which give the buyer no right of redemption and allow a buyer to lose all interest in the property for even the slightest breach.

Installment loans are often distributed in a lump sum and then repaid in equal amounts over time. Personal loans, auto loans, mortgages and student loans are all examples of installment loans.

Real estate installment contracts are a financing option that allows for periodic payments instead of a lump sum payment. Also known as a land contract, contract for deed, or contract for sale in the real estate industry.

An instalment sale agreement between you and a credit provider allows you to buy a vehicle or asset using the principal debt, which you repay by means of regular instalments over an agreed period, with fees and interest.

A payment agreement is a legally binding contract between two parties, which outlines specific payment terms for goods or services.

An installment contract is a single contract that is completed by a series of performances –such as payments, performances of a service, or delivery of goods–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties .

An installment payment contract is a specific type of contract in which the payment structure of the contract is made in a series, or installments, rather than in one large lump payment.

An instalment sale agreement between you and a credit provider allows you to buy a vehicle or asset using the principal debt, which you repay by means of regular instalments over an agreed period, with fees and interest.

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Retail installment contracts—Multiple documents permissible where original applies to purchases from time to time. The general rule is that contracts do not need to be in writing.The exception would be the contracts falling under the statute of frauds. Use our free payment plan agreement form to spell out all the terms and conditions of a loan if you need to establish a payment schedule with someone. Under this arrangement, you will usually be asked to sign a document called a "security agreement," a "purchase agreement," or an. "installment sales agreement. This guide covers most people who pay rent for the place where they live (called residential tenants) in Washington State. An installment agreement that will not pay in full the entire balance before the CSED is called a PPIA. Washington's laws affecting renters have changed as of July 23, 2023. Please read 2023 changes to Washington State's laws affecting renters for a summary.

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Installment Contract In Law Definition In Washington