Define: Absolute Sale

An absolute sale refers to a type of transaction where ownership of a property or asset is transferred from the seller to the buyer without any conditions or reservations. In an absolute sale, the seller relinquishes all rights and interests in the property, and the buyer becomes the absolute owner.

This type of sale is typically governed by contract law, where the parties involved enter into a legally binding agreement outlining the terms and conditions of the sale. The agreement may include details such as the purchase price, payment terms, and any warranties or representations made by the seller.

Once the sale is completed, the buyer assumes all risks and responsibilities associated with the property, including any liabilities or encumbrances that may exist. The seller, on the other hand, no longer has any legal claim or control over the property.

It is important for both parties to carefully review and understand the terms of the agreement before entering into an absolute sale. Any disputes or disagreements that may arise can be resolved through legal means, such as arbitration or litigation, depending on the jurisdiction and the terms of the contract.

Overall, an absolute sale provides a clear and unambiguous transfer of ownership, ensuring that the buyer obtains full and unrestricted rights to the property, while the seller is relieved of any further obligations or responsibilities.

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 29th March 2024.