A buy-sell agreement is a legally binding pact among partners or stockholders under which some agree to buy the interests of others upon a triggering event, such as death, disability, or retirement.
The closing date in real estate is the date upon which the sale of a property is finalized and ownership is officially transferred from the seller to the buyer through the execution of associated legal documents.
The record owner is the individual or entity whose name is listed on the public records as the current legal owner of a property or asset.
In the context of real estate, a vendor is the seller of a property. Vendors are typically involved in various transactions including the sale of personal property, cash exchanges, and mortgage transfers. Vendors are integral to real estate transactions as they transfer ownership to the buyer, or vendee.
