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Instalment Sale Agreement
Property Law
- Installment-Based Payment Structure: Facilitates property acquisition through an initial deposit followed by monthly installments allocated directly toward the capital balance.
- Interest-Free Financing: Enhances affordability by stipulating that the outstanding balance of the purchase price does not accrue interest over the term of the agreement.
- Statutory Consumer Protection: Incorporates mandatory legal safeguards under the Alienation of Land Act, including the formal recordal of the contract in the Deeds Office to protect the purchaser's interests.
- Right to Accelerated Transfer: Grants the purchaser the legal right to demand transfer of ownership once at least 50% of the purchase price has been paid, provided the remaining balance is secured by a mortgage bond.
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