Sales Contract

Definition

• A written document in which a purchaser agrees to buy property under certain given conditions, and the seller agrees to sell under certain given conditions. Also known as an "Agreement of Sale."

Synonyms
deal, purchase agreement, agreement of sale

Alternate Spellings
Agreement of Sale

Related Terms and Acronyms

• Agreement of Sale (AOS) — Acronym,
  • A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
• Conditional Sale (C/S) — Acronym,
  • An agreement between the buyer and seller in where certain conditions must be met before the property sale can be finalized.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Contract For Deed (CFD) — Acronym,
  • An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
• Contract to Purchase — Definition,
  • A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
• Housing Discrimination — Definition,
  • The illegal practice of discriminating against buyers or renters of dwellings on the basis of race, colour, religion, national origin, sex, family status or disability.
• Land Contract (LC) — Acronym,
  • An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
• Purchase Agreement — Definition,
  • A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
• Sale Price — Definition,
  • The price that is paid for an asset.
• Statute of Frauds (SOF) — Acronym,
  • A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
• Title — Definition,
  • Evidence of a person's right to possession ownership of a property.