In the event that the buyer does not honor the contract, the seller has the right to take back the house by resolving the contract, whatever amount the buyer has already paid. At the same time, the seller will return the installments already collected, however withholding a fee as compensation for the use that the buyer has made of the thing (art. 1526 of the civil code). The seller, on the other hand, will not be able to obtain the termination of the contract for the non-payment of a single installment that does not exceed one eighth of the price https://www.webuyhousesinwichitaks.com/ks/
This is indicated by many as one of the (few) solutions for those who need a home but, at the same time, do not have the necessary liquidity to be able to buy it. Basically, it is useful if the buyer wants to immediately take possession of the house but is unable to pay the full price at the time of the deed, not even if he asks for a mortgage, and when, on the other hand, the seller wants to close the deal, with the due guarantees, without necessarily immediately taking possession of the entire sum; over time, the latter will collect a higher price, including interest: once all payments have been closed, it will not be necessary to proceed with a new deed of sale, because the buyer will only have to respect the installment deadline, exactly as if he were paying a mortgage.
What are the advantages of this agreement?First of all, the buyer will be protected, that is, he will not be subject to any change of mind on the part of the seller. Then, again the buyer, will be able to sleep peacefully not having to fear judicial mortgages that are borne by the seller: the sale is transcribed in the real estate registers and any mortgage on the seller’s assets will have no value towards the future owner. For his part, the seller also remains calm: if the buyer does not pay the price, he is not bound to the sale since ownership of the asset has not been transferred. If the buyer does not pay, the seller has the option of having the contract declared by the judge. One more guarantee for the seller.
