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Definitions
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Dictionary > Definitions > Economy > Installment
Installment
Definition
The act of commitment to sell (or Compromise of sale envisages the payment of a sum by way of withdrawal or allowance of immobilization. It is advised to mention what you pour at the time of the signature of the act. This sum is generally 10%, the regulat
Description
The payment is generally done either between the hands of a notary (act authenticates), or between those of a real estate agent which must then produce a professional guarantee. If you do not plan to resort to a loan, the compromise can comprise a written mention of your hand, specifying that you were informed that (Article L. 312-17): if you solicit despite everything a loan after the signature of the compromise, you will not be able to prevail you of the L.312-16 Article of the above mentioned Code of Consumption. When the Compromise of sale is cancelled because of not-obtaining the loan, the sums paid with the salesman are productive interests at the statutory rate raised of half as from the fifteenth day which follows the request for refunding carried out by the purchaser (Code of Consumption, Article L.312-16). The legal rate of interest for the year 2000 is fixed at 2,74% (Decree of February 16, 2000)
Author
Anwar Hossain
Author Email
anwtele@yahoo.com
References
Definitions to be consulted