A transaction where the buyer of a commodity becomes its legal owner after the payment of the last installment is
Answer Details
The transaction described in the question is called "hire purchase". Hire purchase is a type of transaction where the buyer makes a down payment and then pays off the remaining amount in installments over a period of time. The buyer is allowed to use the commodity or product during the repayment period but does not become the legal owner until the last installment is paid. At that point, the ownership of the commodity is transferred from the seller to the buyer.