sales agreement

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sales agreement

The sales agreement sits on the table between the buyer and seller.

Definition
  1. Noun:
    • A formal, legally binding contract that documents the terms for transferring ownership of property (goods, real estate, or other assets) from a seller to a buyer in exchange for a specified sum of money.
Usage
  • A sales agreement is a critical document in commerce and law. It is executed negotiations but the final completion of the sale to formally outline the obligations of both parties.
  • It is commonly used in transactions involving real estate (houses, land), vehicles, and major business assets.
  • The agreement typically includes details such as the identification of the parties, description of the property, sale price, payment terms, closing date, and any conditions (e.g., inspections, financing).
Examples
  • Noun:
    • Before receiving the keys, both parties must sign the sales agreement.
    • The lawyer reviewed the sales agreement to ensure all clauses were fair.
    • The sales agreement stipulated that the buyer would pay a 10% deposit.
Advanced Usage
  • "to execute a sales agreement": To formally sign and make the contract legally effective.
    • They executed the sales agreement in the presence of a notary public.
  • "subject to the terms of the sales agreement": Dependent on or governed by the conditions written in the contract.
    • The transfer of ownership is subject to the terms of the sales agreement.
Variants and Related Words
  • Sales Contract (n): A direct synonym for sales agreement.
  • Purchase Agreement (n): A term often used interchangeably, sometimes emphasizing the buyer's perspective.
  • Bill of Sale (n): A simpler document that serves as a receipt and proof of transfer of ownership, often for personal property.
Synonyms
  • Contract of sale
  • Purchase contract
Related Phrases
  • To draw up a sales agreement: To prepare and draft the contract document.
    • Our agent will draw up the sales agreement this week.
  • To be bound by a sales agreement: To be legally obligated to follow the contract's terms.
    • Once you sign, you are bound by the sales agreement.
sales agreement

The sales agreement sits on the table between the buyer and seller.

Noun
  1. an agreement (or contract) in which property is transferred from the seller (vendor) to the buyer (vendee) for a fixed price in money (paid or agreed to be paid by the buyer)
    • the salesman faxed the sales agreement to his home office

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