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.
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.
References in periodicals archive ?
class="MsoNormalThrough lawyer Gachie Mwanza, the businessman said he proceeded to execute the sale agreement drawn by Mr Koceyo and paid a deposit of Sh10 million.
The project will improve turbine performance and reliability, generate federal production tax credits at each site and support the renewal of power sale agreements at the Storm Lake sites.
Two months ago OGDCL initiated negotiation under the above strategy and concluded signing of a Gas Sale Agreement (GSA) with M/s Dawood Hercules, Lahore, M/s Agri Tech Ltd, Lahore, M/s Pak Arab Fertilizer, Lahore and M/s Engro Fertilizer Co.
As part of the asset sale agreement a minimum of 2,500 Nortel employees supporting the CDMA and LTE Access business will receive offers of employment from Ericsson.
Summary: Stratic Energy has entered into a conditional sale agreement in respect of its Kerkouane permit offshore Tunisia (held 100% by Stratic).
The purchase and sale agreement provides that an affiliate of the company will remain the manager and leasing agent for the property pursuant to a management and leasing agreement through approximately August 31, 2012, subject to extension by agreement of the parties.
NORDIC BUSINESS REPORT-2 February 2005-Apptix ASA extends marketing and sale agreement with HP(C)1994-2005 M2 COMMUNICATIONS LTD
If a conditional sale/instalment sale is considered a "sale," GST/HST should be due either at the time the sale occurs or at the time the conditional sale agreement is entered into.
The most critical element of the purchase and sale agreement, especially for a forced or quick sale or for the sale of a facility with compliance problems, is the allocation of liabilities.
Via e-mail the two sides reached an agreed upon purchase price of $ 1.825 million and discussed plans to sign a purchase and sale agreement. However, after six months of negotiations, Klotzbach pulled out of the deal and argues the e-mails are not equivalent to signed documents and don't constitute binding agreements.
For instance, the representations and warranties section of the purchase and sale agreement often is the subject of contentious negotiations.