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Agreement of SaleA written signed agreement between the seller and the purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement. Also known as contract of purchase, purchase agreement, offer and acceptance, earnest money contract or sales agreement.
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Related Mortgage Definitions: Lease With Option To Purchase Lease With Option To Purchase A lease under which the lessee has the right to purchase the property. A Lease Purchase Agreement is usually two separate agreements between the parties: a Lease Agreement and a Purchase Agreement. The Lease Purchase shows a definite tenant's ... more... Commitment Commitment A promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. An ... more... Agreement of Sale Agreement of Sale A written signed agreement between the seller and the purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement. Also known as contract of purchase, ... more... American Dream Downpayment Initiative American Dream Downpayment Initiative The American Dream Downpayment Initiative (ADDI) aims to increase the homeownership rate, especially among lower income and minority households. ADDI help first-time homebuyers with downpayment and closing costs. The program assists low-income ... more... |
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