An offer is a clear proposal to sell or buy goods or services at a specified price, creating a legally binding contract upon acceptance.
A sales contract is a formal agreement between a buyer and a seller, outlining the terms and conditions of a sale transaction.
A third-party sale involves an intermediary agency facilitating transactions between a buyer and a seller, optimizing the purchase process.
The Uniform Settlement Statement, commonly known as the HUD-1 form, is a document prescribed by the Real Estate Settlement Procedures Act (RESPA). It is used for federally related mortgage loans to provide a detailed account of all charges and credits to the buyer and seller in a real estate transaction.
A vendor is a seller, particularly one involved in the sale of real estate, but also encompassing suppliers, retailers, or street peddlers.
