Business Glossary

Business Definition for: sales contract

Dictionary of Real Estate Terms

sales contract

a contract by which the buyer and seller agree to the terms of sale. Same as agreement of sale , earnest money contract.

Example: Carter and Dooley sign a sales contract, which specifies the property to be sold, type of deed , closing date , price, financing conditions, and other details.

Dictionary of Business Terms

sales contract

contract by which buyer and seller agree to the terms of sale. contract.

See also earnest money , agreement of sale

Related Terms:

earnest money

good faith deposit given by a buyer to a seller prior to consummation of a transaction. Earnest money is usually forfeited in the event the buyer is unwilling or unable to complete the sale. In real estate, earnest money is the down payment, which is usually put in an escrow account until the closing.

agreement of sale

written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement; also called contract of sale; earnest money contract.

Referring Terms:

sales agreement

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