Clause for no money down

[rambada]

Anyone know of a clause where the vendor allows settlement to occur but leaves 20% in the property for say 5 years?

 

[michaelg]

Hi,

Speak to Tony Cordato of Cordato Partners in Sydney about an instalment sales contract.

Note:

1) Remember with vendor finance in this situation, your are the borrower, what happens when YOU miss a payment? Have a read of www.creditcode.gov.au and see if you can have similar clauses in their so you get some time to fix late payments.

2) Penalty interest

3) Statements, late notices, removal of caveat

4) Can the vendor accelerate the loan?

etcetcetc

Regards
Michael G