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

A deed and a contract of sale are both documents that are used in real estate law in South Carolina. A deed is a legal document that transfers ownership of real property from one party to another. The deed states the rights, title, and interest of the grantor (seller) in the real estate. The deed is signed and notarized by the grantor and the grantee (buyer). A contract of sale is an agreement between two or more parties to purchase a particular piece of real estate. It contains the terms and conditions of the sale and is usually signed by both parties. The contract is not legally binding until it is fully executed, meaning both the seller and the buyer have signed it. The main difference between a deed and a contract of sale is the transfer of title. With a deed, title (or ownership) of the property is actually transferred from the seller to the buyer at the time of signing. A contract of sale, on the other hand, is an agreement to buy a piece of real estate, but title is not actually transferred until the closing of the sale.

Related FAQs

What is the difference between a lease with option to purchase and an option to purchase?
What are the different types of mortgages?
What is a “due on sale” clause?
What is a pre-foreclosure sale?
What are the benefits of a home warranty plan?
What is a mortgage pre-approval?
What is the difference between a real estate appraiser and an inspector?
What is residential real estate law?
What is a deed in lieu of foreclosure?
What is a short refinance?

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

Related FAQs

Related Blog Posts