This Installment Sales and Security Agreement is between a buyer and seller of goods which are sold on installment terms and secured by this agreement. This agreement specifies the terms of the arrangement including a detailed description of the goods, their purchase price and the installment terms. It is imperative that this business transaction be set out in writing. A written Installment Sales and Security Agreement will prove invaluable in the event of disagreements or litigation between the parties.
This Installment Sales and Security Agreement sets forth the following:
Parties: The names of the seller and purchaser of the goods;
Description: Detailed description of the goods which are the subject of this agreement;
Purchase Price/Payment Terms: The purchase price, amount of deposit paid, interest charges and fees for late payments;
Pre-Payment: Buyer may prepay the outstanding balance without penalty;
Goods Sold "As Is": Goods are sold "as is" without warranty and seller is not liable for any defects;
Lien: A lien will be recorded against the goods and seller will retain a security interest;
Signatures: The buyer and seller must sign the agreement in the presence of two witnesses and a notary public.
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This attorney-prepared package includes:
Instructions and Checklist
Installment Sales and Security Agreement
State Law Compliance: This form complies with the laws of all states