The purchase of real estate or a car is considered a popular transaction, which involves the conclusion between two parties to a formal contract. It should contain information about the subject of the transaction, its value and other parameters. Separately stipulate the terms of payment of the subject of the agreement. Sometimes you have to draw up a contract of sale with a deferred payment if the buyer does not have the required amount of funds to transfer to the seller. Such a transaction has some advantages for both parties to the transaction, but at the same time it is associated with certain risks for both the seller and the buyer.
Transaction Features
Drawing up a contract of sale with a deferred payment has some features. These include:
- the subject of such a transaction may be an immovable, a car, a plot of land or another item;
- for the buyer, the main advantage is that he does not have to get a loan and pay significant interest;
- until the funds are fully transferred, you can use the received item for its intended purpose;
- for the seller, the advantage is that he can quickly sell his property, but the disadvantage is that he will have to wait for payment.
If, for various reasons, the buyer renounces his obligations, therefore, does not fulfill the basic condition of the contract, which consists in transferring the required amount of funds at a certain point in time, he will lose the purchased item. He will have to return the property to the seller, and if he refuses to resolve disagreements peacefully, such a conflict will be considered in court.
When is it advisable to conclude?
A deferred purchase agreement is usually concluded in the following situations:
- an apartment is purchased in a house under construction with the simultaneous preparation of a DDU, and the delay is proposed by the developer who wants to attract as many potential buyers as possible who do not yet have the necessary amount of funds;
- some large companies involved in the production of equipment offer a deferment to wholesale and regular customers who are just starting production activities;
- the goods are sold by firms with a delay, since they can receive payment only after the buyer independently sells the items received;
- if real estate is bought in the secondary market, a deferment is usually offered in a situation where the transaction is between close relatives or friends.
In fact, such a condition of the transaction is considered risky for each participant. Often, a car purchase and sale contract with a deferred payment is drawn up at all, but in this case, it is the seller who has big risks. There is always the possibility that the buyer will not only refuse to pay the funds, but also be able to violate the integrity of the car in a short period of time.
Who needs this condition?
Deferral is usually suitable for sellers who wish to sell their property as soon as possible. In addition, this condition is used by different companies that prefer to establish long-term relationships with counterparties. To do this, they offer them various interesting conditions presented by deferred payment.
For many buyers, such an offer is considered relevant. For a certain period of time, they can find the right amount of funds to transfer to the seller.But often such gullibility is used by fraudsters who misappropriate other people's property. In this case, they not only do not transfer funds to the seller, but they can also destroy the obtained values.
What are the options for deferment?
When drawing up a contract of sale with a deferred payment, it is imperative that this document contains information about when and in what amount funds should be paid in the form of a payment for the property received. For this, the following calculation options can be used:
- interest-free deferral, which assumes that no interest is accrued for the period during which the seller does not receive funds for his property;
- interest deferral consists in the fact that after a certain period of time the buyer transfers not only the payment for the purchased item, but also accrued interest, the amount of which depends on the duration of the deferral;
- with a down payment, which usually varies from 20 to 70% of the value of the object;
- without a deposit, but this condition is usually applied when drawing up a contract between good friends or relatives.
Additionally, the delay may be short-term or long-term. All the exact conditions for its provision should be precisely stated in the text of the contract. A sample deferred purchase agreement can be found below.
Rules for drawing up an agreement between individuals
A transaction involving the transfer of any property to a buyer with a deferred payment consists of a standard sequence of actions. Often an apartment purchase and sale agreement is formed with a deferred payment. In this case, the transaction consists of several stages:
- the seller collects all the necessary documents for the existing property;
- an extract from the USRN and from the house book is ordered;
- there is a buyer, for which you can use the help of realtors or do your own searches;
- with the potential buyer, all the nuances of concluding a transaction are negotiated, for which a deferral period, deposit amount, interest calculation and other important conditions are established;
- upon reaching an agreement, the optimal text of the agreement is drawn up;
- this document is signed by both parties to the transaction;
- documentation is registered in Rosreestr with the simultaneous imposition of a burden on the apartment;
- the restriction will be lifted only after the buyer has paid the full amount of funds.
The contract should reflect not only the date when the final settlements between the two parties should be made, but also the way the money is transferred. For this, funds can be transferred in cash with a receipt. The most frequently indicated is the transfer of funds to a bank account. As soon as all the conditions of the contract are fulfilled, the buyer of real estate can count on removing the burden. After that, he can dispose of the purchased object at his discretion.
What information is included in the document?
If a contract of sale of real estate with a deferred payment is drawn up, then both participants must consider what mandatory information will be included in the text. These include:
- personal information about the two parties to the transaction, to which their name includes F. I. O., passport data and registration addresses;
- the seller’s bank account is indicated where the buyer will transfer funds;
- provides basic information about the property being sold, represented by its address, area and other parameters;
- lists the documents attached to the contract;
- other significant conditions are indicated, which include the calculation of interest, the provision of a deposit, or other important information about the calculations;
- the obligations and rights arising for both parties to the transaction are prescribed;
- The responsibility of each participant is given.
It is advisable to study in advance a sample contract of sale with a deferred payment in order to prevent errors in the process of generating this documentation.
Payment Procedure
When drafting such an agreement, it is necessary to stipulate what procedure for payment of purchased property will be used. For this, the provisions of Art. 485-488 Civil Code. You can use the following methods:
- cash transfer in cash, for which the seller draws up a receipt;
- transfer of funds to the seller’s bank account;
- use of a bank cell.
Each option allows you to officially confirm that the buyer has fulfilled the basic conditions of the contract regarding the payment of the purchased property.
Nuances for other transaction items
Deferral may be offered even at the conclusion of the transaction, the subject of which is the land. When drawing up a contract of sale of a plot with a deferred payment, the same rules are taken into account as for the purchase of an apartment or house. For this, information on the presence of an encumbrance is entered into the Rosreestr.
When concluding a car purchase and sale agreement with a deferred payment, it is taken into account that even in the traffic police database you can leave a note that a ban on registration actions is imposed. Therefore, the buyer will not be able to conclude a deal in respect of this car until the moment he pays the seller the required amount of funds.
The contract of sale of goods with deferred payment is usually concluded between large firms. It acts as an addition to the main contract for ongoing cooperation. Usually, payment is transferred after the buyer, represented by the intermediary, independently sells these goods.
Participant Risks
When deferrals are included in the contract, the buyer faces the following risks:
- he may not collect the required amount by the appointed date, therefore, he will lose the purchased property;
- the seller can simply refuse to remove the burden after all settlements;
- repayment of debt may be challenged.
The seller is faced with many pitfalls. The buyer may not deposit funds on time, and the property will be returned in poor condition. If the car is the subject of the transaction, it can be destroyed in the process of inept driving.
Conclusion
An agreement including information on a deferred payment may be made at the conclusion of various transactions. It will certainly include information on the amount of debt, interest and methods of transferring money.
Drawing up such an agreement has many pitfalls for each participant in the transaction. Therefore, usually the deferral condition is used when making a deal between relatives or friends.