Conditional Sale Agreement smartbusinessbox.in/conditional-sale-agreement
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What is Conditional Sale Agreement? Conditional Sale Agreement is an agreement that marks the transfer of possession of a property but not the rights. The buyer only gains full rights after paying the total purchase price. The agreement takes place when a buyer planning to buy an asset strikes a conditional sales deal. The agreement is carried out around a buyer and seller and is applicable across assets like equipment, machinery or real estate property. The advantage is the buyer can take possession of the property and therefore has the leverage to use the property or make a commercials set-up. The payments are usually done in instalments and a default in payment could bring back the property to the buyer. Conditional Sales Agreement can be elaborated under the following specifics – Property Type, Buyer and Seller details, Down payment, instalments, tenure, title transfer, delivery, default clause and repossession.
Why Use Conditional Sale Agreement? Conditional sales agreement brings advantage to the buyer as there is flexibility of using the property or equipment well before settling the entire payment. Conditional sales agreement does not come mandatory with the down payment clause. Depreciation on the equipment as well as interest expense on business tax can be deducted under the Conditional Sales Agreement.
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