Residential Real Estate · Commercial Real Estate · Real Estate FAQs
What is a Contract of Sale?
A Contract is a legally enforceable agreement between two or more people. In the residential real estate context, a Contract of Sale is formed when a buyer makes an offer on a house, and a seller accepts that offer. If, alternatively, a seller makes a counter-offer, there is no Contract until the buyer accepts the counter-offer. If the buyer effectively revokes his offer before the seller accepts, there is no Contract.
A Contract of Sale outlines the terms of the agreement such as the purchase price, when the mortgage commitment is due, when closing is anticipated to occur, when home inspections are due, and what each party’s obligations are.
NOTE: This page is for general information only and is not to be relied upon. You should consult a Toms River attorney so that we can assist you in bringing your real estate transaction to a successful closing.