Vendor Financing and Installment Contracts
Vendor financing is when the property is physically sold to the purchaser at the time of settlement of the property, even though (at that time) only a small amount of money has actually changed hands. Additional to the sale and purchase agreement, a mortgage and repayment schedule is also agreed upon and registered.
Effectively, the property is being purchased in installments.
We always recommend that you seek professional advice as this blog is for general information only