‘Contract of sale’ is one of those real estate terms you hear thrown about all the time, but what exactly is it? If the property is being sold through a private sale treaty rather than auction, the seller needs to have the contract of sale ready before the property is advertised. After a buyer and seller agree upon a sale, the contract will be amended to include details of the buyer and the sale price. The buyer or their conveyancing agent will also go through the contract of sale before signing. What property buyers need to know about the contract of saleThe terms of the sale are added into the contract of sale once a price is agreed upon.