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

A deed and a contract of sale are both documents used in residential real estate law in New York, but they have important differences. A deed is a document that transfers ownership of the property from one party to another. Deeds must be filed with the county clerk and must specify the full name of the grantee, the date of the transfer, and a description of the property. A contract of sale, on the other hand, is an agreement between the seller and the buyer that outlines the terms of the sale in detail. It typically outlines things such as purchase price, closing costs, down payment, and any contingencies or special conditions of the sale. The contract of sale is not a legal transfer of ownership, but rather a binding agreement that, when fulfilled, will result in the transfer of ownership. In summary, the deed is a legal document that transfers the title (ownership) of the property from one party to another, while a contract of sale is an agreement between a seller and a buyer that outlines the terms of the sale.

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

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