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Agreement

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 .

Example:

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.

References:
http://www.businessdictionary.com/definition/agreement.html

Disclaimer:
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.