When a person is planning to buy a property he is called a purchaser and the person who is selling the property he is called the seller or the vendor
. When a person is planning to buy a property it is not that easy as it requires a lot of money.
Money is required in this and most of the time people take loan or take help of some other financial institute so that they can buy that property but now you dont have to worry at all now you can also take the help of the vendor finance. Vendor Finance is a great scheme and it makes the things convenient and easy for the seller as well as the buyer.
This is a great deal as when you are planning to buy some property or anything they need a big amount of investment and sometimes it is not possible to have this much of liquid case at once and thus this scheme of vendor finance is very helpful. The person who is the buyer is called a purchaser and who is a seller is known as the vendor. In this the seller that is the vendor pays the amount which is deficient and the property remains in the name of vendor till the time the whole amount is paid off by the purchaser.
There are some terms and conditions which will be made by the vendor and the purchaser will have to agree to the contract and then only this can be worked out. When the whole amount is paid back to the seller or vendor then the property is transferred to the purchaser. Vendor finance is a new scheme where the Vendor that is the seller will pay the money as a loan and help the purchaser.
This way the purchaser does not have to worry about the money and he can give money in the form of loan and he just have to sign a contract and till the time the whole amount is paid the property remains on the sellers name and the day the entire amount is paid then it is transferred on the name of the buyer. In the mean till the buyer can use the property only the property remains on the name of the seller. This is how vendor finance work and this is very convenient option and it is worth it.