contract of sale
Buyer-seller binding document
A contract of sale is a legal agreement in which one party agrees to transfer ownership of goods or property to another party in exchange for payment.
The term appears in commercial and real estate law: The contract of sale specified a closing date in June.
It establishes the terms, price, and conditions under which the transfer will occur.
One who acquires things
- vendorOne who sells goods
- purchaserOne who buys something
- purchase priceMoney paid for acquisition
- depositPlace for safekeeping
earnest money · closing costs · payment terms · installment · down payment · balance · completion · exchange
Written property conveyance
- titleFormal honorific or name
- conveyanceTransfer of property rights
- escrowConditional third-party deposit
- notarizationOfficial document verification
covenant · warranty · disclosure · lien · mortgage · affidavit · indenture · annexure
Commercial products offered
- inventoryCatalog of held assets
- productManufactured item for sale
- commodityFungible traded good
- shipmentGoods being transported
delivery · inspection · acceptance · rejection · specification · quantity · quality · description
Legal ownership reassignment
- proprietary rightsLegal entitlements to exclusive control
- possessionState of owning
- equityImpartial treatment or ownership value
- stakeSharpened post or share
interest · assets · holdings · legal owner · clear title · encumbrance · registration · certificate of title
Land and its structures
- landEarth's solid surface
- premisesProperty with buildings
- dwellingPlace of residence
- parcelWrapped item for shipping
plot · freehold · leasehold · easement · encumbrance · survey · boundary · zoning
Agreement or distribution
- accordHarmony between parties
- covenantBinding formal pledge
- pactFormal agreement between parties
- commitmentFirm pledge to act
arrangement · understanding · terms · conditions · stipulation · promise · settlement · consensus
buyer
One who acquires things
- vendorOne who sells goods
- purchaserOne who buys something
- purchase priceMoney paid for acquisition
deposit · earnest money · closing costs · payment terms · installment · down payment · balance · completion · exchange · handover
deed
Written property conveyance
- titleFormal honorific or name
- conveyanceTransfer of property rights
- escrowConditional third-party deposit
notarization · covenant · warranty · disclosure · lien · mortgage · affidavit · indenture · annexure · clause
merchandise
Commercial products offered
shipment · delivery · inspection · acceptance · rejection · specification · quantity · quality · description · bill of lading
title transfer
Legal ownership reassignment
- proprietary rightsLegal entitlements to exclusive control
- possessionState of owning
- equityImpartial treatment or ownership value
stake · interest · assets · holdings · legal owner · clear title · encumbrance · registration · certificate of title
real estate
Land and its structures
parcel · plot · freehold · leasehold · easement · encumbrance · survey · boundary · zoning · title search
deal
Agreement or distribution
commitment · arrangement · understanding · terms · conditions · stipulation · promise · settlement · consensus · handshake
contract of salehandshake deal
Unwritten mutual commitment
gentleman's agreement · verbal agreement · oral agreement · implied agreement · tacit understanding
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