An Agreement of Sale is a written contract where the buyer agrees to purchase and the seller agrees to sell real estate under specified terms and conditions.
A binder is an initial agreement, often coupled with a deposit, that indicates the purchaser's good faith in buying a piece of real estate. It is typically used to show the intent to buy and precedes a formal contract of sale.
A Contract of Sale, also known as an Agreement of Sale, is a legal document that outlines the terms and conditions under which a sale of property will be completed between a seller and a buyer.
An Earnest Money Contract is a crucial document in the real estate acquisition process, outlining the intention of a buyer to purchase a property and of a seller to sell it. It typically includes details about the amount of earnest money paid, the conditions under which the money will be applied or forfeited, and other terms of the sale.
Equitable Conversion is a legal doctrine in certain states where, under a contract of sale, buyers and sellers are treated as though closing has already occurred. The seller in possession remains obligated to maintain the property until formal transfer.
A penalty is a sum of money that one must pay for breaking a law or violating part or all of the terms of a contract. Penalties serve to ensure compliance with legal and contractual obligations.
A vendee's lien is a legal claim against a property that is given as security for a deposit paid by a purchaser under a contract of sale. This lien protects the buyer's interests should the seller attempt to breach the agreement.
