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A sales and purchase agreement is a legally binding agreement obligating a buyer and a seller to terms of a transaction. The SPA outlines all of the terms and conditions of the exchange and must be signed by both parties.

The main difference between purchase agreements and sales contracts is the order and timing of the offer and acceptance process. In a purchase agreement, the buyer makes the first offer and the seller responds, while in a sales contract, the seller makes the first offer and the buyer responds.

Agreement of sale is the base document on which the sale deed is drafted. Sale deed is the document prepared at the time of full payment made by the buyer and when the actual transfer of the property takes place.

Legal Status: A sale is a completed transaction, resulting in a legally binding contract and the transfer of ownership. Conversely, an agreement to sell is a contract that promises a future transfer of ownership, and until that transfer occurs, it remains an executory contract.

An agreement to sell is a contract between a seller and a buyer where the seller agrees to sell an asset or property to the buyer at a specified price. The agreement to sell is also known as a sale agreement. It is generally used to sell immovable property such as land or buildings.

An agreement for sale is a legal document and a written promise to transfer this immovable property for consideration (money). It records the terms of such transfer and such payment and also the penalty in case of non-transfer of the house in question or non-payment of consideration.