Agreement of Sale

Also found in: Acronyms.

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 ?
Exclusive of the above mentioned car washes, Mace has four remaining car washes in the Arlington and Fort Worth, Texas market, one of which is under an agreement of sale for $625,000 dated January 27, 2010 which is anticipated to close by June 30, 2010.
The purchase price of $30,160,000 is payable in cash and is subject to normal operating apportionments as provided for in the agreement of sale.
Pursuant to the agreement of sale, IPAC will acquire OSEU's entire manufacturing business, including related equipment, inventory, books and records, permits and licenses, and intellectual property, for a total of $1 million, including $500,000 in cash and a three-year secured note in the amount of $500,000.
PSC will operate in 15 states at the time of closing but announced yesterday that it has reached an agreement of sale with Birmingham Utilities, Inc.
Philadelphia Suburban Corporation (NYSE:PSC), announced today that it has reached an agreement of sale with Birmingham Utilities, Inc.
Principal and interest on the bonds are secured by a pledge of payments to be made to the county under the terms of an Agreement of Sale between the county and Appalachian Power Company (APC).
Earlier this month, Illumina announced an agreement of sale of its production genotyping system to Genome Quebec to support Canada's contribution to the HapMap Project.
The acquisition was the result of an agreement of sale reached earlier this year with K.

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