What exactly is an "Agreement for Sale" ?
The "Agreement for Sale" contract is sometimes confused with the term "Rent with Option to Own". We have used the Agreement for Sale contract in a number of situations over the years. Generally, there is an extenuating circumstance whereby the buyers are not in a position to take title upon occupying the property. The buyer will take possession and occupy the premises[usually paying rent to the present owner] with an actual offer to purchase completed. The offer will show all adjustments and transfer of title along with the balance of the purchase price to be completed at some future date. This type of sale is not common and does require some due diligence. I would certainly recommend that one should have professional advice before entering into this type of sale.
Posted by Ray Brownlee
on December 21, 2009