Contract Of Sale

A contract of sale is a legally binding agreement between a property seller (vendor) and a buyer (purchaser).

What is a contract of sale?

A contract of sale is a legally binding agreement between a property seller (vendor) and a buyer (purchaser). It outlines the terms and conditions of the property transaction, including the price, closing date, and any other relevant details. Both parties sign the contract, and it serves as a key document in the property sale process. 

What happens when a contract of sale expires? 

When a contract of sale expires, it means that the agreed-upon period for the contract has come to an end. The terms and conditions outlined in the contract are no longer binding, and both the buyer and the seller are free from the specific obligations and commitments stated in the expired contract. 

If the property transaction hasn't been completed by the contract expiry, the parties may need to decide whether to extend the existing contract, negotiate a new one, or explore other options. It's essential to address the situation promptly to avoid any uncertainties or misunderstandings between the parties involved. 

What kind of terms are in a contract of sale? 

A contract of sale typically includes various terms and conditions that outline the specifics of a property transaction. Some of these terms may include: 

  • Price: the agreed-upon amount for the property.
  • Closing date: the date when the property officially changes hands.
  • Contingencies: conditions that must be met for the contract to proceed.
  • Property description: details about the property being bought or sold.
  • Property details: specifics about the condition and features of the property.
  • Include signatures: agreement validation through the signatures of involved parties.
  • Possession conditions: terms related to when the buyer takes possession.

The agent you choose now is more important than ever

We work with agents who've adapted to the current climate to help you sell successfully.

You might also be interested in

What does under contract mean?

What does under contract mean?

When buying a house what does under contract mean? Is it the same as under offer? If you’re a buyer or seller asking these questions, you’ve come to the right place!Here, we take a close look at...