A contract of sale is the term used for the document that details the seller’s agreement to deliver ownership of the home to the buyer as well as the buyer’s agreement to deliver payment for the home. The contract of sale is typically lengthy and provides an all-inclusive description of the sale. The title company that is being utilized as well as the logistics of the final handover of funds and keys will also be described. The terms of the contract of sale must be definitive, concise and clear-cut. Parties want to avoid subsequent legal actions that may arise from contracts that include ambiguous or missing terms. The contract of sale includes the selling price, closing costs, contingencies to the sale and any other details that are specific to the transaction itself. Both parties should consider keeping copies of the contract of sale in a safe location.
