
When a person is planning to buy a property he is called a purchaser
and the person who is selling the property he is called the seller or
the vendor. When a person is planning to buy a property it is not that
easy as it requires a lot of money.
Money is required in this and most of the time people take loan or
take help of some other financial institute so that they can buy that
property but now you don’t have to worry at all now you can also take
the help of the vendor finance.
Vendor finance is a great scheme and it makes the things convenient and easy for the seller as well as the buyer.
This is a great deal as when you are planning to buy some property or
anything they need a big amount of investment and sometimes it is not
possible to have this much of liquid case at once and thus this scheme
of vendor finance is very helpful. The person who is the buyer is called
a purchaser and who is a seller is known as the vendor. In this the
seller that is the vendor pays the amount which is deficient and the
property remains in the name of vendor till the time the whole amount is
paid off 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. When the whole amount is paid back to the seller or
vendor then the property is transferred to the purchaser. Vendor Finance
is a new scheme where the Vendor that is the seller will pay the money
as a loan and help the purchaser.
This way the purchaser does not have to worry about the money and he
can give money in the form of loan and he just have to sign a contract
and till the time the whole amount is paid the property remains on the
sellers name and the day the entire amount is paid then it is
transferred on the name of the buyer. In the mean till the buyer can use
the property only the property remains on the name of the seller. This
is how
vendor finance work and this is very convenient option and it is worth it.