A contract that involves an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same
Also known as Agreement of Purchase and Sale, Offer to Purchase, Contract of Purchase The written agreement between the Vendor and Purchaser for the sale of property which contains all of the terms, conditions and financial details of the transaction
A contract between a purchaser and a seller of real property to convey a title after certain conditions have been met and payments have been made See also "Sales Contract"
A contract for the purchase and sale of real property in which the buyer agrees to purchase for a certain price and the seller agrees to convey title by way of a deed or an assignment of lease (for leasehold property) In addition to binding the parties to the purchase and sale of the property during the period of time required to close the transaction, the contract frequently serves as the initial directions to the closing agent or escrow company to process the mechanics of the transaction In essence, the contract of sale is an executory contract to convey property, serving as the vehicle to get to the deed, which finally conveys title; it is the blueprint for the entire transaction Some of the many names for this contract are sales contract, purchase agreement, deposit receipt, offer and acceptance, agreement of sale, offer to lease or purchase and sale agreement
The agreement between buyer and seller on the purchase price, terms, and conditions of a sale enabling both parties to transfer the title of ownership from the seller to the buyer