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A sales contract is a legal agreement between a buyer and seller that outlines the property being sold, the purchase price, payment details, and any conditions or warranties. It includes information about both parties and the property being exchanged.
A contract of sale is a legal agreement to exchange some type of property, goods or services. It details the agreement between the buyer of the property and the person or business selling it. A contract of sale includes information regarding the property being traded, the amount of money the buyer is paying for it, and the terms and conditions of the sale.
When a sales contract is drawn up, it contains information about both parties involved in the sale. Full names are used in this type of contract and one party is designated as the seller while the other party is designated as the buyer. The contract includes a date it was signed and text stipulating that the contract is for the agreed sale of a particular piece of property.
This type of contract also includes a description of the property that is to exchange hands. If the property is real estate, for example, the description will include the physical address of the property. It will also list anything included in the sale, such as personal property, improvements, and land surrounding a building.
The purchase price and payment details are important parts of a sales contract. The document typically lists the exact amount the buyer and seller have agreed to exchange for the property. If the purchase will be made in installments rather than in a lump sum, the contract will indicate this. Sometimes the buyer provides a deposit on the item he is buying. In such cases, the sales contract lists the amount of the deposit and any details on how it should be paid and managed.
If there are intricate details involved in the sale, the sales contract will include them. Every financial detail is specified in a sales contract, so there is no confusion about who owes what amount and when payments are to be made. If the buyer will have a balance to pay to complete the sale, for example, the contract will also include this information. Sometimes it will also stipulate that the contract is conditional on the buyer’s ability to obtain a loan to purchase the property.
The rights assigned to both the buyer and the seller are usually included in a sales contract. For example, the buyer may have the right to thoroughly examine the property before paying for it. Both buyer and seller may have the right to cancel the sale if certain conditions are not met. These conditions are specified in the contract. Likewise, the contract may include details of any warranties included as part of the sale.
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