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 ?
In connection with the offering, the Company entered into a forward sale agreement (and, to the extent that the underwriters exercise their over-allotment option, the Company may, at its sole discretion, enter into an additional forward sale agreement) with an affiliate of J.
If the underwriters exercise their over-allotment option and the Company elects not to enter into an additional forward sale agreement with the Counterparty, the Company will issue and sell to the underwriters the number of shares of common stock in respect of which the over-allotment option is exercised.
If possible, the purchase and sale agreement should limit the sole recourse of the aggrieved party to the insurance policy.
The delay problem can best be addressed by bringing the insurance company into the transaction at the earliest possible date and providing it with copies of key documents, including a draft purchase and sale agreement.
According to the Purchase and Sale Agreement dated Oct.
Pursuant to a Purchase and Sale Agreement dated as of Aug.
Each forward sale agreement will be composed of twenty equal components.
25, in the case of the second forward sale agreement (the "forward floor price" for that forward sale agreement), the number of shares underlying such component;
The first forward sale agreement settles beginning in March 2007 and the second settles beginning in March 2008.
The remaining net proceeds, and any proceeds received upon the settlement of the forward sale agreements, will be used to reduce outstanding debt, make additional healthcare real estate investments, for working capital and other general corporate purposes.
Of those shares, a portion is being offered directly by Medical Properties Trust and the remaining shares are being offered in connection with forward sale agreements among Medical Properties Trust and certain affiliates of the underwriters.
Westernbank agreed to discharge and terminate in full Doral's recourse obligations under the original mortgage sale agreements (except for obligations with respect to certain representations and warranties made in the original mortgage sale agreements, which will survive for a six month period following the closing of the restructuring agreement).