DIFFERENCE BETWEEN SALE AND LEASE
DEFINITION OF SALE
A standard sales agreement, also called a purchase contract, are the terms by which two parties–a buyer and seller–agree to transfer ownership of property. The key components are identification of the property, the sales price and the timeline. Before the sale is finalized, the contingencies are also of critical importance. A contingency is something that must occur in order for the contract to become final. Common contingencies include those for a loan, appraisal and inspection. Once the buyer has received an appraisal showing a price equal or above the price, has obtained a loan and has found an inspection acceptable, he releases the contingencies……..
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