This is a form of Contract For the Sale of Land.
Installment Land Sale Contract With Arbitration Provision
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How to fill out Contract For Sale Of Land?
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FAQ
As a General rule, the risk of loss or damage to goods is borne by the person who is the owner at the time of the loss or damage. This is true in every case. Even where the buyer may have assumed risk of loss, the holder of title to the goods still bears risk of loss.
Risk in the Goods will pass to the Client on delivery. 2. Title to the Goods will pass to the Client once the Seller has received payment in full for all debts owed by the Client to the Seller (including payment for the Goods) at any given time under this or any other Agreement between the Seller and the Client.
Contents. An installment agreement requires the buyer of real estate to pay the seller the purchase price in installments over time; the buyer takes immediate possession of the property but the seller retains legal title as security until the buyer pays in full.
Agreement + Enforceable by Law = Contract Thus an agreement becomes a contract when there is free consent of the parties, capacity of the parties to contract, lawful consideration and lawful object or subject matter (Section 10 of the ICA).
SGA 1979 provides that unless otherwise agreed between the parties, goods remain at the seller's risk until title in them passes to the buyer. Title passes when the parties intend it to (SGA 1979, s 17), see above. Until such point as risk in the goods passes to the buyer, the seller is responsible for them.