Real Estate Terms Dictionary
Definition of 'Agreement'
According to Businessdictionary.com, an agreement is "a negotiated and usually legally enforceable understanding between two or more legally competent parties".
What is a real estate agreement:
Both agreements and contracts are legally binding documents, but there are certain differences between them. An agreement generally documents the settlement, resulting in many cases in the drawing of a contract; the contract mainly specifies the settlement's terms and conditions.
Common examples of agreements in real estate are Agreements to Sell, Agreements to Purchase and Mortgage Agreements .
Here's a real-life example from one of the properties researched on PropertyShark:
The Agreement recorded on 3/10/2010 documents the total amount of the loan obtained by the property owner, New York Auto Clinic In.C, from the lender, Rushmore Capital Partners.
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.