Contractual properties are the type of property one buys but doesn’t fully own, as they make the payments in instalments. This can be due to different reasons, one being they do not qualify for funding by a financial institution, or mortgage. Some might not have a good credit standing, hence cannot get a loan to make a one-off purchase of a property.
This results in the option of one having to pay for an asset in bits for some time, before they can fully own it. While the payments are being made, the owner of the property retains the deed, until when the payment has been cleared. Once the payment is clear, then the owner transfers the property to your name.
Some contracts can be misleading, reason why you would want a “probate attorney near me 11507” near you.