Agreement of Sale

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Agreement of Sale

A contract by which two parties (a buyer and a seller) consent to the sale of some property. The agreement of sale usually contains a description of the property being sold, the price, the terms, and other relevant details. This term is used most commonly in real estate, but it may apply correctly to any sale involving a written document detailing a transaction.

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.

References in periodicals archive ?
The most controversial change in the new regulations was to tax assignments of agreements of sale as if the property had actually been deeded first to the original buyer under the agreement, and then to the assignee.
First Union Real Estate Equity and Mortgage Investments (NYSE: FUR) today announced that, in connection with the sale of Company properties for approximately $205 million to Radiant Investors LLC (Radiant), that Radiant has deposited an additional $6 million as required under the terms of the definitive agreements of sale between the Company and Radiant (collectively, the Sale Contract).
We have executed agreements of sale with Phanos Inc.