What is Long Term Agreement of Sale?
An agreement for the sale of property whereby the buyer will pay to the seller installment payments over an extended time on a regular basis; the contract will provide that the buyer will later attempt to obtain bank financing for the balance due to the seller. If a loan is granted, a closing will be scheduled, and the seller will transfer title to the buyer upon receipt of that balance.
Further Reading
For more detailed information, see our related Contracts terms:
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