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agreement of sale |
Also found in: Acronyms | 0.01 sec. |
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agreement of sale Typically refers to any real estate sales contract. In a few states, however, the term refers specifically to a type of seller financing also called a bond for title, land sale contract,or contract for deed.In that instance,the seller retains legal title to the property until the purchaser has made all payments over the term of the financing period. At the end, if there has been no default, the seller executes a deed to the buyer. This device is often used in high-risk financing situations because it can often avoid legal protections given to the buyer in the event of foreclosure or bankruptcy. Agreement of Sale A contract signed by buyer and seller stating the terms and conditions under which a property will be sold. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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