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.

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