Legal Question in Entertainment Law in California

Actually, most attorneys would consider the contents of music and film catalogs as intellectual property, not personal property, but for purposes of your question this is a distinction without much of a difference.

Generally, when property is sold on an installment plan, control passes with the first payment and title passes with the final payment. (Think of automobiles and repo-men who come to take it back if the buyer stops payments.) But the parties may agree to whatever arrangement suits them. Some sellers want to be rid of a property and grant title immediately (as in the case of some recent real estate transactions). In the case of an income-producing property, it would be more fair to somehow credit the interim income toward the sale or split it between the parties while payments are being made.

Your perspective on what is fair would, of course, depend upon whether you are the seller or buyer. These arrangements are not as simple as your question would suggest, and I would recommend you involve an attorney or agent who is familiar with the type of property involved and can advise on making a structured sale.