What is the meaning of conditional sales?

A sale in which the purchaser receives possession of and the right to use certain goods, but title remains with the seller until the performance of a condition is met by the buyer. Usually, this condition is the buyer’s full payment of the purchase price. An installment contract is typically a conditional sale.

What is conditional sale contract?

In a contract of conditional sale, the buyer automatically acquires title to the property upon full payment of the purchase price. … In a contract to sell, transfer of title to the prospective buyer is not automatic. The prospective seller must convey title to the property through a deed of conditional sale.

What is a conditional sale property?

Conditional contract: property sale This is a conditional contract for the purchase of real property. … This type of agreement transfers the risk from the buyer to the seller that the buyer’s intended plans for the land or property will not be prevented from happening.

What is absolute sale and conditional sale?

A contract of sale of goods is a contract where by the seller transfers or agrees to transfer the property in goods to the buyer for a price. … Absolute contract is without any conditions. Conditional contract may be a contract with condition precedent or condition subsequent.

Is conditional sale valid?

Conditional sale deed not valid. Once property sold, seller looses all rights in property. You can do sale deed that possession will given on future date. … 1) Conditional sale deed depends upon the execution of the sale deed according to terms and conditions deed.

Is conditional sale same as hire purchase?

Hire Purchase is an agreement that gives you the option to own the car at the end of the agreement. … A Conditional Sale agreement is the same as Hire Purchase, except that you will automatically own the car once the finance has been repaid in full.

What do you mean by mortgage by conditional sale?

Mortgage by conditional sale is a type of mortgage where there occurs an ostensible sale, which is converted into absolute sale in the event that the ostensible seller is unable to repay the loan. The ostensible seller in such a mortgage incurs no personal liability as far as the debt is concerned.

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What is an example of a conditional contract?

A type of conditional contract is an option agreement. The option is given to a party to buy a particular property within a particular amount of time. … For example, a bank which has a mortgage on a property.

Is conditional offer a contract?

It can take weeks or months before you make an offer to an applicant. During this stage, you can make a conditional or unconditional job offer. The latter isn’t based on any conditions. Once a candidate accepts your terms, it’s a legally binding contract of employment between yourself and the applicant.

What are the two types of conditional sale?

If an individual decides to end a conditional sale agreement before the payments are completed then there are two options in relation to the goods:

  • to return the goods;
  • to allow the creditor to end the agreement and repossess the goods.

What is conditional pricing?

Abstract. Conditional pricing practices are pricing strategies in which a seller conditions its prices on factors such as volume, the set of products purchased, or the buyer’s share of purchases from the seller.

What is a conditional contract when buying a house?

A conditional contract is a type of contract where the sale of the property will only proceed if certain conditions outlined in the contract are met. … Both the buyer and seller have the opportunity to include conditions in the contract.

What is the difference between deed of sale and deed of conditional sale?

Unlike the conditional deed of sale, the absolute deed of sale immediately transfers all the rights to the new owner upon payment, which is recorded in the Registry of Deeds. A conditional deed of sale states various conditions before the property title will be transferred.

What is a partial sale?

Compared to a complete sale where 100% of the ownership is transferred to a new buyer(s), a partial sale entails the sale of a portion of the practice, such as 5%, 25%, 49%, etc. … Sellers can dictate what percentage of their practice they sell and how much control they hand over.

What is a conditional agreement?

A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.

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What is the difference between sale and mortgage by conditional sale?

In the conditional sale mortgage, only some interest in the property is transferred to the mortgagee while in the sale with condition of retransfer mortgage, all the interest in the property is transferred except a personal right of repurchase.

What is conditional transfer?

Conditional Transfer means a transfer that is dependent on a condition attached to it. That is when the vesting of an interest created by a transfer depends on the fulfilment or non-fulfilment of a condition, it is said to be a conditional transfer.

What is redemption of mortgage?

You may want to pay off your mortgage before the end of your term to sell your property or remortgage to a better deal elsewhere. Paying off your loan early in this way is called ‘redeeming’ your mortgage. …

Is HP better than CS?

The key difference between a CS and HP agreement is that you will become the legal owner of the vehicle, once all repayments have been made to the lender, where as on HP there will be an option to purchase fee at the end of the contract before you legally own the vehicle. The finance is secured against the vehicle.

Can I return a car on hire purchase?

With hire purchase (HP), you can return the car early if you’ve already paid for at least half of its cost or make up the difference between what you’ve already paid and half of its cost. … The credit agreement you signed before taking the car should show its total price and what you’ll have to pay if you return the car.

Do you own the car after hire purchase?

Hire purchase is a way to finance buying a new or used car. You (usually) pay a deposit and pay off the value of the car in monthly instalments, with the loan secured against the car. This means you don’t own the vehicle until the last payment is made.

Who has possession in mortgage by conditional sale?

The act provides that- where, the mortgagor ostensibly sells the mortgaged property. On condition that such payment being made the buyer shall transfer the property to the seller, The transaction is called the mortgage by conditional sale and the mortgagee a mortgagee by conditional sale[4].

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Can mortgagor sell mortgaged property?

According to section 58(b), in a simple mortgage, the mortgagor assures mortgagee that he shall repay the loan amount and in the event of default, he shall bind himself personally to sell the mortgaged property and thereby repay the loan amount.

What is conditional sale under Transfer of Property Act?

Section 25 of the Transfer of Property Act, 1882 provides for Conditional Transfer. It means that any transfer that happens on the fulfilment of a condition that is imposed on the other party for the transfer of property. For example, A agrees to transfer his property to B if he gets selected for a job.

Can a seller get out of a conditional offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

What does conditional on mean?

(kndnl ) adjective. If a situation or agreement is conditional on something, it will only happen or continue if this thing happens. Their support is conditional on his proposals meeting their approval.

How do you accept a conditional offer?

How to Respond to a Conditional Job Offer

  1. Don’t wait to respond. …
  2. Include the following: a thank-you for the offer, your written acceptance, the terms and conditions of the offer, including the salary and job title, and the starting date.
  3. Keep it professional. …
  4. Return enclosures and attachments.