definition
strict definition
sale
A contract or legal agreement transferring full ownership of a property from one person or entity to another.
A sale is a contract or legal agreement which transfers full legal rights over a property from one person or entity to another. The transfer establishes new ownership, but good faith alone does not release the seller from every contractual or statutory obligation.
The agreement identifies the property and the parties to the ownership transfer. Rights or obligations that continue after completion depend on the terms of the agreement and applicable law.
A lease grants occupancy or usage rights for a predetermined period. A sale transfers ownership of the property described in the agreement.
Related definitions
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lease
A contract granting a party other than the owner occupancy or usage rights to a property for a predetermined period. -
sub-lease
A usage agreement between a party seeking to use a property and the party already holding leasing rights to it. -
time-share
A permanent sale of property occupancy and usage rights limited to a specified, usually recurring time slot.