Under an Agreement of Sale, the Seller is Considered the:
When it comes to real estate transactions, there are various legal terms and concepts that come into play. One such concept is the Agreement of Sale, which is a legally binding agreement between the seller and buyer of a property. Under this agreement, certain obligations and responsibilities are assigned to both parties, and it`s essential to understand them before signing on the dotted line.
One of the primary aspects of an Agreement of Sale is determining who holds the title to the property until the sale is complete. Generally speaking, the seller is considered the legal owner of the property until the buyer has paid the full purchase price and all other closing costs, and all contingencies and conditions in the agreement have been satisfied.
This means that during the period between signing the Agreement of Sale and the closing of the sale, the seller holds the legal right to the property. It also means that the seller is responsible for maintaining the property in the condition agreed upon in the contract until the buyer takes possession of it.
Moreover, under the Agreement of Sale, the seller is obligated to provide the buyer with certain documents and disclosures related to the property. These may include information about the property`s condition, warranties, and any liens or encumbrances that may affect the buyer`s ownership of the property.
It`s also worth noting that the seller has a legal obligation to disclose any known defects or issues with the property, even if they are not visible or apparent. Failure to disclose such defects could lead to legal action against the seller and potentially result in the cancellation of the agreement.
In conclusion, under an Agreement of Sale, the seller is considered the legal owner of the property until the sale is complete, and the buyer has taken possession of the property. While the agreement assigns certain obligations and responsibilities to both parties, it`s essential to have a clear understanding of them to ensure a successful and smooth real estate transaction.