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

A deed and a contract of sale are both legal documents related to the sale of residential real estate in Florida. The difference between them is that a deed is a written instrument that legally conveys the title of ownership of a real estate property from one person or party (the grantor) to another (the grantee). The deed must be signed, witnessed, and notarized to be legally binding. A contract of sale, on the other hand, is a legally binding agreement between the buyer and seller of a residential property. It outlines the terms and conditions of the purchase and details how the buyer will pay for the property. The contract of sale also sets forth the rights and responsibilities of both parties and gives the seller legal recourse in the event that the buyer defaults on the agreement. It is important to note that the contract of sale does not actually convey ownership of the property and the title to the property must still be transferred via a deed.

Related FAQs

What is a Notice to Quit?
What is a principal residence exemption?
What is a home equity loan?
What documents should I review before buying a home?
What is foreclosure by judicial sale?
What types of transactions does residential real estate law cover?
What is residential real estate law?
What is a deed of trust with a power of sale?
What is the difference between a lease with option to purchase and an option to purchase?
What is an option to purchase?

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

Related FAQs

Related Blog Posts