A Certificate of Title is a legal document that officially indicates ownership of a particular asset, such as a motor vehicle or real property. It serves as proof of ownership and outlines any liens or legal encumbrances associated with the asset.
A finance lease transfers substantially all the risks and rewards of ownership of an asset to the lessee. In accounting, it is akin to the lessee owning the asset. This entry describes the implications and guidelines involved in finance leases.
Hire Purchase (HP) is a type of installment purchase plan where the buyer takes possession of an item immediately and pays for it in periodic installments, while ownership of the item remains with the seller until the final payment is made.
