Agreement of Sale

Definition:

A contract where a seller agrees to sell and a buyer agrees to buy, under specific terms and conditions spelled out in writing and signed by both parties.

Examples:

It’s a good idea to keep the agreement of sale on any home you sell, because the current owners may try to take you to court if there is problem with the property.

Once the buyer signs the agreement of sale, the house is officially transferred to the new owners, and they are responsible for all liability.