An Explainer: Buyer-Seller Agreement

A buyer-seller agreement is a written pact between two parties, showing their intent to enter into a transaction under some terms and conditions.

PropGuide explains buyer-seller agreement.

A buyer-seller agreement is a written pact signed between the buyer and the seller at the time of a property transaction. Also known as agreement to sell, this document ensures there is no default on part of the parties involved in the deal. A buyer-seller agreement is an important legal document and, in case of a default, could be used to fix liability. Details to be filled for such an agreement include names and address of the parties concerned, the date of transaction, various costs involved in the transaction, the payment plan, terms of the purchase and date of possession, etc. In real estate, this agreement is used at the time of sale or purchase of property or land.

In the light of some fraudulent activities taking place in the sector, it is crucial for buyers and sellers to ensure the authenticity of this agreement. It is advisable for all the parties to seek legal assistance while preparing the document. Doing so will not only keep the purchase process transparent but also reduce chances of any dispute in the future.

Check out PropGuide's comprehensive guide to real estate terms here.

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