Agreement of Sale
Barron's Business Dictionary:
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Agreement of Sale
Written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement; also called contract of sale ; earnest money contract.
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Barron's Real Estate Dictionary:
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Agreement of Sale
A written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement. Also called OFFER AND ACCEPTANCE, CONTRACT OF SALE, EARNEST MONEY contract.
Example: Abel’s broker prepared an agreement of sale to sell a home to Baker. Both principals signed it. It states that the price of $500,000 is to be paid in cash at closing, subject to Baker’s ability to arrange a $400,000 loan at an 8% interest rate.
Example: Abel’s broker prepared an agreement of sale to sell a home to Baker. Both principals signed it. It states that the price of $500,000 is to be paid in cash at closing, subject to Baker’s ability to arrange a $400,000 loan at an 8% interest rate.
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Barron's Business Dictionary
Dictionary of Business Terms. Copyright © 2007 by Barron's Educational Series, Inc. All rights reserved.
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