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The purchase of personal property typically requires an expressed contract when the value of the property exceeds a certain threshold, commonly $500, as stipulated by the Uniform Commercial Code (UCC). An expressed contract is necessary to outline the terms and conditions of the sale clearly, ensuring both parties understand their rights and obligations. Additionally, if the transaction involves unique terms or conditions, an expressed contract helps prevent misunderstandings.
What else can I help you with?
Is personnal property left in a house I bought mine?
It is important to thoroughly inspect the property before purchase to ensure it is delivered vacant of personal property unless specified in the contract. If personal property was left behind, you may need to negotiate with the seller or seek legal advice to determine ownership rights. It is recommended to have a clear agreement in the purchase contract regarding the condition of personal property.
What is a foreclosure under contract?
That means a lender has executed a purchase and sale contract on a property it owns by foreclosure and a sale is pending.
What are the benefits of purchasing cars on a personal contract purchase?
The benefits of purchasing cars on a personal contract purchase include lower monthly payments compared to traditional loans, the option to return the car at the end of the contract, and the ability to drive a newer vehicle more frequently.
Who holds the tax benefits legal title or equitable title on a real estate contract?
A contract to purchase real estate gives the buyer no rights in the property except the right to purchase it. Title remains in the property owner until transferred by a deed of conveyance.
What does contract vendee mean?
A contract vendee is a party in a real estate transaction who has entered into a contract to purchase a property but has not yet completed the formal transfer of ownership. This individual has equitable title and rights to the property, even though the legal title remains with the vendor (the seller) until the purchase is finalized. The contract vendee is typically responsible for fulfilling the terms of the purchase agreement, including payment and other conditions, before obtaining full ownership.
DO you get your payments back on a land contract?
No, you will not get your payments back. If you do not complete the purchase, you have essentially been renting the property.
What are the benefits of choosing a personal contract purchase for financing a vehicle?
A personal contract purchase offers lower monthly payments compared to traditional financing, allows flexibility at the end of the term to either buy the vehicle or return it, and provides protection against depreciation.
What are the benefits of a personal contract purchase plan for purchasing a vehicle?
A personal contract purchase plan offers lower monthly payments compared to traditional financing, flexibility at the end of the contract to either buy the vehicle, return it, or trade it in, and protection against depreciation as the vehicle's future value is agreed upon upfront.
What is a land contract?
A land contract is also known as a land installment contract and a contract for deed. It is a contract between a buyer and seller for real property where the seller provides the financing with specific terms.
Is there a waiting period to purchase theft insurance on personal property?
None to the best of my knowledge.
Do you finance purchase of commercial property?
Yes, you can certainly finance commercial property. One method is a conventional loan. 20% down and the note is backed through personal property, signature and the land itself. There are also small business loans that you may qualify for. Contract for deeds also work. Most commercial property is under some form of finance.
Can minors own commercial property in Florida?
They can own it by inheritance but they must have a legal guardian appointed to handle any affairs relating to it. They cannot contract to purchase property.
