Installment Sales Contract Template
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What Is an Installment Sales Contract?
An Installment Sales Contract is a contract in which a buyer takes possession of the property immediately but does not receive the deed and title until a series of payments (installments) have been made. The contract is used in cases where a buyer purchases good on an installment basis. For example, it is used in cases such as buying a car, a motor vehicle, real estate, or with other expensive items.
An Installment Sales Contract in retail, specifically, is a contract in which a buyer agrees to pay a seller for an item in installments, along with a financial charge or with the provision that the ultimate price will be higher than if the buyer had paid the full price initially. It's an agreement between a customer and a dealer, but not with a bank.
You can download our Installment Sales Contract template through the link below or create your own document with our online form-builder.
How to Write an Installment Sales Contract?
What sections does the standard Installment Sales Contract contain?
- Information about the parties: a seller and a buyer, the property for sale.
- Payments details, including the amount of the purchase price, the interest payments, and the rate of interest.
- An installment plan. This plan determines the time frame of each installment payment and how the interest charges will be accrued during each installment period.
- Warranties. A clause containing any warranties may be included in the agreement. The warranties are any representations or statements made by the seller regarding the quality or value of the goods.
- Insurance. The seller may require the buyer to purchase and maintain insurance for the goods until the full amount of the installment payments have been paid.
- Default. This section includes what constitutes a default by the buyer and the seller's right to reclaim the property.
- Signatures of the parties.
Related Forms and Templates:
- You can use our basic Sales Contract Template in cases where a purchase or sales transaction is made without installment;
- Not the form you were looking for? Check out our library of printable Service Contracts.
Download Installment Sales Contract Template