Features of registration of installments for real estate
Buying your own housing is the main goal of almost every person. Only units can purchase an apartment at their own expense. Most people do not have such large amounts. In this case, a mortgage or installment plan may become a way out. Both schemes are good in their own way, but both also have disadvantages.
When applying for installments, the buyer does not need to contact the bank. Together with the housing purchase agreement, the buyer and seller simultaneously conclude an installment agreement on the payment. This document must indicate the period during which the remaining amount must be paid. Typically, the installment period is no more than 2 years. The buyer will be able to issue the ownership of the apartment only when the entire amount, under an installment agreement, will be paid. When applying for installments, a rather large down payment should be paid, and interest can be accrued for an unpaid amount. Usually the size of the percent is small, but there is, in general, an interest -free installment plan. Thus, when buying in installments, the buyer carries a great financial burden, early repayment is impossible. An installment plan is profitable if the buyer plans to get a large amount of money in the near future.