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 ?
Also, the company is issuing and selling 35,000,000 shares directly to the underwriters at closing and the underwriters are purchasing 65,000,000 shares related to forward sale agreements. The underwriters were granted a 30-day option to purchase up to 15,000,000 additional shares.
The Smithfield agreement follows an earlier announcement of power sale agreements with Walmart (WMT) and Starbucks (SBUX).
Settlement of the forward sale agreements is likely to occur on or prior to November 8, 2019.
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.
Thermo Fischer said that it has priced the offering of 25,730,994 shares of its common stock at USD 85.50 per share in connection with the forward sale agreements.
In particular, subsection 168(3) contemplates conditional sale/instalment sale agreements:
The taxpayer subsequently sold the branches pursuant to sale agreements that contained noncompetition provisions covering various geographical areas within the state in which the branches were located.
Real estate investment trust Spirit Realty Capital Inc (NYSE:SRC) has priced an underwritten public offering of 10,000,000 shares of its common stock, offered in connection with forward sale agreements, at USD41.00 per share, the company reported on Friday.
As previously disclosed, XPO Logistics entered into separate forward sale agreements with each of Morgan Stanley and JPMorgan Chase Bank, each in its capacity as counterparty to a forward sale agreement, pursuant to which the company agreed to sell, and each forward counterparty agreed to purchase, 3M shares of the company's common stock.
The shares are priced at USD67.85 in connection with the forward sale agreements. Settlement of the forward sale agreements is likely to occur on or prior to December 31, 2018.