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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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