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7 relations: Contract, Hire purchase, Land trust, Lease, Lease purchase contract, Real estate, Rent-to-own.
Contract
A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.
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Hire purchase
A hire purchase (HP) or known as installment plan in the United States is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time.
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Land trust
There are two distinct definitions of a land trust.
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Lease
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.
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Lease purchase contract
A Lease-Purchase Contract, also known as a Lease Purchase Agreement, is the heart of rent-to-own properties.
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Real estate
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
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Rent-to-own
Rent-to-own, also known as rental-purchase, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.
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