UK Accounting Glossary
A contract where a seller agrees to sell and a buyer agrees to buy, under specific terms and conditions spelled out in writing and signed by both parties.
It’s a good idea to keep the agreement of sale on any home you sell, because the current owners may try to take you to court if there is a problem with the property.
Once the buyer signs the agreement of sale, the house is officially transferred to the new owners, and they are responsible for all liability.
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This glossary post was last updated: 13th February 2020.