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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

Agreement of Sale

A contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
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