Agreement of Sale

The agreement of sales comes from the buyer and goes to the seller for approval. It outlines the buyer's offer of price and sales terms. The seller can approve the agreement, reject it, or send back it back with revisions. Each jurisdiction has its own forms used to make an agreement of sale. While each one has its own requirements, most have common elements. They require the name and address of both the seller and buyer. It identifies the property being sold, its address and related jurisdictions. The real estate agent's identifying information is also on the form. The form outlines the proposed purchase price as well as any terms the buyer wants to put on the agreement, such as required inspections or being able to secure financing. For this agreement of sale to be binding, both the buyer and seller must sign it.