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Explore ReferentThis Installment Sale and Security Agreement (“Agreement”) is entered into on [Date], by and between:
Seller:
Name: __________________________
Address: __________________________
Email: __________________________
Phone: __________________________
Buyer:
Name: __________________________
Address: __________________________
Email: __________________________
Phone: __________________________
Collectively referred to as the “Parties.”
The Seller agrees to sell, and the Buyer agrees to purchase, the following goods:
[Detailed description of goods including model numbers, serial numbers, and condition]
Title to the goods shall remain with the Seller until the purchase price has been paid in full.
Total purchase price: $[Total Amount]
Down payment due upon execution: $[Amount]
Remaining balance of $[Amount] to be paid in [Number] installments as follows:
Total purchase price: $[Total Amount]
Down payment due upon execution: $[Amount]
Remaining balance of $[Amount] to be paid in [Number] installments as follows:
Payment NumberDue DateAmount1[Date]$[Amount]2[Date]$[Amount]………
Payments shall be made by [Payment Method]. Late payments shall incur a fee of [X]% of the overdue amount.
The Buyer grants the Seller a security interest in the goods until full payment is received.
The Seller may file any necessary financing statements to perfect and protect this interest under applicable law.
Delivery of the goods will occur on [Delivery Date] at [Delivery Location].
Risk of loss passes to the Buyer upon delivery and acceptance of the goods.
Delivery of the goods will occur on [Delivery Date] at [Delivery Location].
Risk of loss passes to the Buyer upon delivery and acceptance of the goods.
The Seller warrants they are the lawful owner of the goods and have the right to sell them.
The goods are sold “as-is” unless otherwise stated in Exhibit A – Warranty Terms.
The Seller warrants they are the lawful owner of the goods and have the right to sell them.
The goods are sold “as-is” unless otherwise stated in Exhibit A – Warranty Terms.
In the event of default by the Buyer, the Seller may:
Accelerate the remaining balance due immediately.
Repossess the goods, with or without court order, as permitted by law.
Pursue legal remedies to recover amounts owed.
Accelerate the remaining balance due immediately.
Repossess the goods, with or without court order, as permitted by law.
Pursue legal remedies to recover amounts owed.
The Buyer shall maintain insurance coverage for the goods until the purchase price is fully paid, naming the Seller as a loss payee.
This Agreement shall be governed by and construed under the laws of [State/Country].
Disputes shall first be resolved through good-faith negotiation. If unresolved, they will be submitted to mediation or binding arbitration.
This Agreement constitutes the entire understanding between the Parties and supersedes all prior agreements and representations.
Seller Signature: ____________________________ Date: _________
Printed Name & Title: _________________________________________
Buyer Signature: ____________________________ Date: _________
Printed Name & Title: _________________________________________
Each template already follows legal structure and best practices.
The agreement is automatically filled and adapted to your inputs.
Check the generated document, make edits if needed, and download a ready-to-use agreement.
Click below for detailed info on the template.
For quick answers, scroll below to see the FAQ.
Frequently asked
An Installment Sale and Security Agreement is a legal contract where a buyer agrees to pay for goods or property through a series of scheduled payments, while the seller retains a security interest until the purchase price is fully paid.
It protects the seller by providing a legal right to reclaim or repossess the goods if the buyer defaults. For the buyer, it provides a structured and documented payment schedule, minimizing confusion and disputes.
Use this agreement for the sale of high-value items such as vehicles, machinery, equipment, or other assets when payments will be made over time rather than upfront.
Key elements include a detailed description of the goods, total purchase price, installment schedule, default remedies, security interest provisions, and governing law.
Yes. It includes provisions consistent with the Uniform Commercial Code (UCC) and similar laws to ensure enforceability of the security interest.
Use our AI-powered builder to generate a tailored agreement that meets local laws and specific transaction needs.
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