Contract of Sale

The legal document recording the agreement to buy and sell — signed at the start, executed at exchange.

The Contract of Sale (sometimes called the Sale Agreement) is the legally binding document setting out the terms of the property sale — purchase price, deposit, settlement date, inclusions, special conditions and disclosure annexures. Once both parties have signed and contracts are "exchanged," the buyer is committed (subject only to cooling-off and any special conditions like finance or building inspection).