What Legal Document to Use as Proof of Installment Sale?

awahnig

awahnig

Arresto Menor

Posts : 1
Join date : 04/07/2009

I bought a foreclosed motorcycle on cash from a known dealer with complete original documents and sold it on installment to a friend since he cannot afford to buy it from me on cash basis. The mortgage has not yet been cancelled and is still under the name of the first owner. What legal documents should we sign as proof of installment sale and that my friend owes me a certain amount until the unit is fully paid?

attybutterbean

attybutterbean

moderator

Posts : 116
Join date : 15/06/2009
Age : 45
Location : Rizal

You (seller) and the buyer can execute a Deed of Conditional Sale or Contract to Sell. You can indicate therein the terms of payment.

Upon full payment, you can execute a Deed of Absolute Sale in favor of the buyer.

What Legal Document to Use as Proof of Installment Sale?

1 What Legal Document to Use as Proof of Installment Sale? Sat Jul 04, 2009 12:25 pm

awahnig

2 Re: What Legal Document to Use as Proof of Installment Sale? Tue Jul 07, 2009 2:48 pm

attybutterbean