Contract to Purchase
Definition
- A document used by a property buyer and seller to approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract, or a sale contract.
Synonyms
agreement, arrangement, property sale, legal document
Related Terms and Acronyms
- Certificate of Sale — Definition,
- An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Contract For Deed (CFD) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- Purchase Agreement — Definition,
- A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
- 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."
- Statute of Frauds (SOF) — Acronym,
- A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
