A contract of sale is a legally binding agreement between a buyer and a seller. It details the terms and conditions in which a seller agrees to transfer ownership of a property to a buyer.
The real estate agent provides the contract to any prospective buyers of the property. The contract notes legal details about the property and includes a range of disclosure documents such as, copy of the title information, plans for the land, any dealings related to the land, a zoning certificate and sewer water location information.
There are only a very small number of scenarios where a buyer can pull out of the purchase once contracts have been entered into so it’s important that the buyer have this document reviewed by their conveyancer prior to signing.
