Vendor Financing are properties for sale by owners who will accept stage payments. The seller will normally accept a 50% down payment with affordable repayments over 1 to 3 years. The seller retains legal ownership until payments are complete and there is a legally enforceable contract between buyer and seller. Property ownership documents are held in escrow by a lawyer ensuring the property cannot be sold to another party. Should the buyer cease to make payments then the property ownership remains in the seller’s name.
This is exactly the same as getting a bank mortgage to purchase a property and will help buyers to purchase a property sooner than they otherwise could.