Contract Sale Definition
A contract sale is a type of real estate transaction in which the buyer and seller agree to enter into a sales contract for the property. This type of sale is often used in situations where the buyer is not able to obtain traditional financing, such as a mortgage, or when the parties want to delay the closing date. In a contract sale, the buyer typically pays a deposit to the seller, and then makes periodic payments until the full purchase price is paid. The terms of the contract are negotiable between the parties, and can be customized to fit their needs.
