Mortgage Glossary

Agreement of Purchase and Sale

The agreement of purchase and sale (abbreviated as APS) is a document in a real estate sale or purchase transaction, between a buyer and a seller of a home.

Enclosed in the agreement of purchase and sale, is the sale agreed sale price, closing date of the real estate sale or purchase, and names of all sellers and buyers. The agreement of purchase and sale will also contain schedules with conditions to an offer made by buyer to the seller.

An agreement of purchase and sale is the legally binding contract in every real estate purchase and sale transaction, and should be drafted by a licenced Real Estate agent or lawyer.

 

Agreement of Purchase and Sale Example