What is the difference between a deed and a contract of sale?

A deed and a contract of sale are both legal documents and important parts of residential real estate law in Delaware. A deed is a document that transfers title or ownership of a property from one party to another. The deed must be signed by the legal owner of the property and then recorded in the county office. A deed does not require any specific consideration to be exchanged, such as money, for the transfer of title. A contract of sale, on the other hand, is a legally binding document that defines the terms and conditions of a residential real estate transaction. It is used to record the agreement between the buyer and seller, and it lays out an enforceable promise to buy/sell a piece of property, including the agreed upon purchase price and other important details. The contract of sale must be signed by both the buyer and the seller and should include details about the closing date, the inspection, the financing, and all other important elements of the transaction. Unlike a deed, a contract of sale will not transfer title but it does make the buyer and seller legally bound to their agreement.

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What is the difference between a deed and a contract of sale?

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