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.

Real Estate 101

Real Estate 101

This book makes it easy to not only buy a home, but figure out everything that you need to do, even get a loan. In simple and easy to understand language, it talks about where you should buy a home, what to look for in a home, how to find a home, how to get an agent, how to get a mortgage and more. This is a step by step process that you, a new home buyer, can use to purchase a home.

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