Vendor finance

There are two parties involved when you are going in the market to buy or sell something. There always will be a buyer and a seller. People when they plan to buy some property may be a shop or some land or anything they are called as the purchaser as they are planning to purchase some property and the person who is selling their property is called as the vendor. Buying a property involves a huge amount of money and many a times people have to take a loan because they have a deficiency of liquid cash and thus this is the time when the Vendor finance comes in the picture.
Vendor finance is a new scheme where the Vendor that is the seller will pay the money as a loan and help the purchaser. Till the time the whole amount is paid by the purchaser to the vendor the property remains on the vendors name but the property can be used by the purchaser. There are some terms and conditions which will be made by the vendor and the purchaser will have to agree to the contract and then only this can be worked out.