Agreement of Sale
Definition of 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.
- 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.
- Land Transfer Tax (LTT) — Acronym,
- A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
- 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.
- Sale Price — Definition,
- The price that is paid for an asset.
- 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.
- 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."
- 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.