Asked by Martie Coleman on Jul 22, 2024
Verified
An agreement for sale includes the right to retake possession if the person buying the land fails to pay installments.
Agreement For Sale
An agreement where title will be transferred at some time in the future, typically once the property is fully paid for; an agreement that grants possession of property to the purchaser pending full payment of the price.
Retake Possession
The act of reclaiming ownership or control of property, typically by a seller or lender from whom the property was bought on credit or leased.
Pay Installments
To make payments for a good or service over a period of time in portions, rather than paying the full amount upfront.
- Determine the entitlements and duties of participants within mortgage and lease contracts.
Verified Answer
Learning Objectives
- Determine the entitlements and duties of participants within mortgage and lease contracts.
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