Agreement of Sale
- A legally binding document that details the agreement between a property buyer and the property seller. This document specifies the agreed price and any other terms of the title transfer or sale
terms of sale, legal document
Related Terms and Acronyms
- Bill of Sale (BS) — Acronym, Important,
- A written document that serves as evidence of the transfer of title to personal property.
- Land Transfer Tax (LTT) — Acronym,
- A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
- Lending Value — Definition,
- The property value for mortgage purposes. Usually the lesser of appraised value or sale price.
- Modification — Definition,
- A change in terms of the loan agreement.
- Probate Sale — Definition,
- Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
- Real Estate Attorney — Definition,
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
- Sale Price — Definition,
- The price that is paid for an asset.
- Sale-leaseback — Definition,
- A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
- Sales Contract — Definition,
- A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
- Solicitor Information — Definition,
- When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.