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

The difference between a deed and a contract of sale is based on when the transfer of property takes place. A deed is a written document that transfers legal title to property from one party to another. The deed must be executed (signed) by the party transferring the property and is typically recorded in local government records following a property sale. On the other hand, a contract of sale is an agreement between two parties to sell or transfer property. This contract typically outlines the terms and conditions of the sale and the parties’ responsibilities during the transaction. The contract of sale is processed before a deed is written, and the deed is then used to record the sale once all the terms and conditions of the contract of sale have been met. In Virginia, it is important to understand the difference between a deed and a contract of sale due to the various laws that govern residential real estate transactions. In most cases, both documents must be in place in order for the transfer of property to be legally binding. It is important to work with an experienced attorney to ensure that the deed and contract of sale are written correctly to protect the interests of both parties involved.

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

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