The Installment Sale Agreement is a crucial document used when property is sold with payments spread over time rather than paid in full at closing. This agreement type is commonly used in the United States for both consumer and commercial transactions, requiring compliance with federal regulations like the Truth in Lending Act and various state laws. It typically includes essential elements such as property description, purchase price, payment terms, interest rates, security interests, and default provisions. The agreement protects both parties by clearly defining their rights and obligations throughout the payment period.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Description of Property: Detailed description of items being sold
5. Purchase Price and Payment Terms: Total price, down payment, and installment structure
6. Interest Rate: Applicable interest rate and calculation method
7. Payment Schedule: Detailed payment dates and amounts
8. Default Provisions: Consequences of missed payments or breach
1. Security Interest: Terms regarding collateral and security arrangements when property serves as collateral
2. Insurance Requirements: Required insurance coverage for high-value items or when required by law
3. Prepayment Terms: Conditions and terms for early payoff when early payment is allowed
4. Transfer Restrictions: Limitations on selling or transferring the property during the installment period
1. Schedule A - Payment Schedule: Detailed amortization table showing all payments, dates, and allocation between principal and interest
2. Schedule B - Property Description: Detailed specifications and description of property being sold including serial numbers or identifying features
3. Schedule C - Truth in Lending Disclosure: Required federal disclosures for consumer transactions including APR and total cost of credit
4. Schedule D - Insurance Certificates: Copies of required insurance documentation and coverage details
Relevant legal definitions
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