Practice4Sale Blog (Page 40)

When you sell a property, outside of an auction, you often sign a Contract Note that contains the key terms and conditions of the sale as a pre-cursor to signing a formal Contract of Sale. The Contract Note is completed by the Real Estate Agent in order to "lock in" the transaction and ensure that once agreement is reached, settlement can commence while the full terms and conditions are addressed in the formal Contact of Sale. This is the same process as signing a Heads of Agreement (HOA) on the agreement to purchase a business, followed by a formal Contract of Sale before settlement.