Kitchen Design Services provide homeowners with a viable way to transform any property. With the sales contract with retention of title, the seller grants to the purchaser the opportunity to pay the property in monthly installments, based on the sale price and spread over a period agreed in the contract. Together with the installment an interest rate is agreed (which must be indicated in writing and which obviously cannot be usurious).
Allows the purchaser, upon payment of the first installment, to live in the house, take possession of it and use it according to his needs. It transfers the ownership of the house only to the payment of the last installment. In essence, the purchaser becomes the owner of the property only once all the price has been paid, at the deadlines and with the agreed interest. In the event of non-payment of even one installment, the contract is dissolved and the seller does not need to re-enter the ownership of the asset, because this has always remained his. The transfer of ownership, in fact, takes place only with the payment of the last installment.
The buyer, since he comes into possession of a property that is not his own, is obliged to use it respecting its intended use, without making changes, treating it according to the diligence of a good family man and providing for ordinary maintenance costs. Extraordinary maintenance, including Kitchen Design Services is the responsibility of the seller.
Since the owner of the apartment remains the seller, he also maintains the status of a condominium and is therefore required to pay the condominium. However, in the contract, the right to request reimbursement from the purchaser of the sums paid to the administrator can be envisaged.
The contract can then provide for additional personalized clauses, such as the right of the buyer to withdraw from the agreement after a certain period, allowing the seller to forfeit the installments until then withheld.
The mechanism we have just described has some disadvantages that are difficult to overcome. The first of these is that any debts contracted by the seller fall on the buyer. Since the property only moves once the last installment has been paid, up until that time the seller’s creditors can always seize the property or register a mortgage; which would frustrate the buyer’s investment, which would not be able to defend itself and oppose its contract, although earlier.
Another problem of sale with retention of ownership is that it does not allow the seller to obtain immediate liquidity while the seller often does so in order to buy another house, thus requiring a sum of money; therefore, it could hardly accept a payment in installments over time.