Sale agreement
An agreement entered into by a builder of a residential complex or a cooperative housing corporation that owns a residential complex and under which one of the following is supplied by way of sale:
- for a builder, the residential complex or a building or part of a building in which a residential unit forming part of the residential complex is located; or
- for a cooperative housing corporation, a share of the capital stock of the cooperative housing corporation that entitles the holder to possession of a residential unit located in the residential complex.
Note
The sale agreement can be a preliminary agreement, purchase offer or pre-sale contract in which the builder or the cooperative housing corporation and the buyer agree on the terms of the sale and purchase.