Sentences with phrase «ownership of the item passes»
Under a hire - purchase agreement, you have a choice about whether ownership of the item passes to you once the final payment is made.
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A Living Trust, on the other hand, requires that you transfer ownership of these items into a Trust, which will distribute them after you've passed away.
The ownership of the item is then passed on to the buyer, and a corresponding price is agreed upon by both parties for which the transfer of ownership of the item will occur.