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 line with the Purchase and Sale Agreement, Sonangol had earlier paid the Company $250.
If possible, the purchase and sale agreement should limit the sole recourse of the aggrieved party to the insurance policy.
Further, as per the forward sale agreement the forward purchaser will borrow and sell 2.
In connection with the offering, Duke entered into forward sale agreements with an affiliate of Barclays Capital Inc.
In addition, Regency signed a forward sale agreement with an affiliate of JP Morgan related to the offering (the forward purchaser), pursuant to which the company will sell the same number of shares of its common stock to the forward purchaser as sold by an affiliate of the forward purchaser to the underwriter for sale in the offering, subject to Regency's right in some circumstances, to elect cash settlement of the forward sale agreement.
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.
The LPG Assets acquired by TransMontaigne from Rio Vista include: Rio Vista's Brownsville, Texas, terminal and refined products tank farm, together with associated improvements, leases, easements, licenses and permits; Rio Vista's LPG sale agreement with P.
The collateral securing the series 2006 bonds consists of the NTSC's rights under a purchase and sale agreement with the state, which is secured by the state's share of the tobacco settlement revenues (TSRs) received under consent decree and Alaska statutes.
PINK SHEETS:POCC), a supplier of LPG for distribution to northeast Mexico, announced today that it had entered into an amended and restated purchase and sale agreement (Penn Octane Restated PSA) with TransMontaigne Product Services Inc.
NASDAQ:RVEP), a supplier of LPG for distribution to northeast Mexico, announced today that it had entered into an amended and restated purchase and sale agreement (Rio Vista Restated PSA) with TransMontaigne Product Services Inc.
Each forward sale agreement will be composed of twenty equal components.
The first forward sale agreement settles beginning in March 2007 and the second settles beginning in March 2008.