memorandum sale
A conditional sale in which the buyer takes possession but does not accept title until approving the property. [Cases: Sales 459.]
Search Results for: memorandum sale
memorandum
memorandum. 1. An informal written note or record outlining the terms of a transaction or contract (the memorandum indicated the developer’s intent to buy the property at its appraised value). • To satisfy the statute of frauds, a memorandum can be written in any form, but it must (1) identify the parties to the contract,
binder
binder. 1. A document in which the buyer and the seller of real property declare their common intention to bring about a transfer of ownership, usu. accompanied by the buyer’s initial payment. 2. Loosely, the buyer’s initial payment in the sale of real property. Cf. EARNEST MONEY. 3. An insurer’s memorandum giving the insured temporary
sold note
A written memorandum of sale delivered to the seller by the broker responsible for the sale, and usu. outlining the terms of the sale. See CONFIRMATION SLIP.
bought note
A written memorandum of a sale delivered to the buyer by the broker responsible for the sale.