Installment purchase where legal title may remain with the seller until contract conditions are met.
Ownership and recording
Confirm who holds legal title, whether the agreement is recorded, who receives tax and insurance notices, and whether other liens could affect the property.
Payments and balloon terms
Review price, interest, amortization, payment schedule, maturity, balloon balance, taxes, insurance, repairs, and prepayment rights.
State-specific remedies
Default rules vary. Depending on law and the agreement, forfeiture, eviction, foreclosure, cure periods, or equitable interests may matter. Get qualified local review.
Questions to bring to a professional
- Is buying optional or required, and exactly how is that stated?
- What cash is refundable, credited, or at risk?
- Which payment amount excludes taxes, insurance, fees, or maintenance?
- What title search, inspection, appraisal, recording, or disclosure steps apply?
- What happens after default, a missed deadline, or inability to refinance?
Important: No universal credit score, down payment, interest rate, or approval rule applies. Do not rely on an example as an offer.