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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Agreement of Sale


Synonyms:legal document, terms of sale
Acronyms &
abbreviations:
AOS
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of agreement of sale (AOS)

agreement of sale (AOS)
1. A legally binding document that details the agreement between a property buyer and the property seller. This document specifies the agreed price and any other terms of the title transfer or sale

Related Terms and Acronyms:

  • bill of sale (BS)   A written document that serves as evidence of the transfer of title to personal property.
  • land transfer tax (LTT)   A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
  • lending value   The property value for mortgage purposes. Usually the lesser of appraised value or sale price.
  • modification   A change in terms of the loan agreement.
  • probate sale   Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
  • real estate attorney   A lawyer who specializes in the transfer of land and buildings and property tax issues.
  • sale price   The price that is paid for an asset.
  • sale-leaseback   A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
  • sales contract   A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
  • solicitor information   When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.

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