Shortsale checklist given to sellers,
What is sales contract?
Sales contract is a contract under which the seller will transfer a property to the buyer for a certain price.
Main points in the sales contract
The goods that can be transferred through this sales contract are either goods that are in sellers name at present or some goods that will be in the possession of the seller in the future or any contingent goods. The specific goods and generic goods are the type of existing goods that can be a part of this contract.
The sales contract can be made in written or just by pledging orally. The contract after being signed makes the buyer the owner of he property and thereafter all the risks related to the property are transferred to the buyer. It is not only the risks but the ownership of the property too gets transferred at the time of sale or sometimes later. The resale rights of the property also gets transferred to the buyer.
The buyer, if defaults, is liable to a law suit against him or her by the buyer
Shortsale checklist given to sellers, 10.0 out of 10 based on 2 ratings
Previous post: SALES CONTRACT FOR BUYING SUBJECT- Assorted Legal Forms