sale legal definition

A transfer of property or title thereto in exchange for a sum of money; the agreement or contract by which such a transfer takes place. A sale requires a free offer in exchange for a freely agreed-upon purchase price between two individuals who are competent to contract with each other, and who have mutually agreed to the deal. An actual exchange or promised exchange of money is required. Finally, the object, parcel, or title being sold must be capable of being transferred by the seller.

A sale subject to certain events occurring, for example, a transaction to sell one’s home, conditioned upon the sale by buyer of his own home.  Also known as contingent sale. 

A forced sale of property for which full payment has not been made; proceeds of such sale are remitted to the creditor in full or partial satisfaction of the debt. 

A forced sale of assets of a taxpayer to satisfy tax obligations that have not been paid.