Sale / Purchase
A sales and purchase agreement is a binding and legal contract between two parties that obligates a transaction between the two parties: the buyer and the seller. The agreement finalizes the terms and conditions of the sale, and it is the culmination of negotiation between the buyer and the seller.
Before a transaction can occur, the buyer and the seller negotiate the price of the item to be sold and the conditions for the transaction. The sales and purchase agreement is a framework for the negotiations process. The sales and purchase agreement is often used in cases of a large purchase, such a piece of real estate, or frequent purchases over a period.
- A sales and purchase agreement is a binding legal contract that obligates a buyer to buy and a seller to sell a product or service.
- sales and purchase agreements are often used in real estate deals or when two parties are transacting a large or large quantity of items.
- The need for an sales and purchase agreement forms the basis for negotiation between the buyer and the seller.
sales and purchase agreements also contain detailed information concerning the buyer and the seller. The agreement records any deposits that have been made as negotiations advance and parts of the agreement that have already been met. The agreement also records when the final sale is to occur.