Buyer use of property

The installment contract normally allows the buyer to immediately occupy and use the property, as of the effective date of the contract.

However, the contract will usually have a description of permitted and prohibited usage of the property. For example, contracts for residential properties will normally not allow the buyer to use the property for commercial purposes. Most installment contracts, especially for residential homes, will also include a provision requiring the buyer to maintain the property's appearance, stability and functionality.

If the borrower fails to follow the conditions and requirements of the installment contract, the seller is normally allowed to cancel the contract and keep any funds paid to date by the buyer.

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