This type of agreement would be entered in to specifically when the property is on a Finance or  an Installment agreement.

A Deed of Conditional Sale is an arrangement where a buyer takes possession of an item, but its title and right of repossession remains with the seller until the buyer pays the full purchase price (usually in installments stretched over months or years). Common type of agreement used in the financing of machinery and equipment, and real estate.
It is also called Conditional Sale Contract.

If you failed to pay as per the agreement the owner would be able to keep all, or a percentage of all money paid and the contract would be cancelled automatically as per ruling of Maceda Law.