Sale In Gross (Noun)
Meaning
A sale of a tract of land as a whole without a warranty as to the acreage.
Classification
Nouns denoting communicative processes and contents.
Examples
- The property was sold as a sale in gross with no guarantee of the exact acreage included in the purchase.
- Due to the seller's uncertainty of the land boundaries, they insisted on a sale in gross to protect themselves from possible disputes.
- The contract stipulated that the purchase of the tract was a sale in gross and the buyer acknowledged that no warranty was given as to the size of the land.
- It was agreed that the property would be transferred as a sale in gross, releasing the seller from any claims related to acreage discrepancies.
- As part of the negotiations, the parties settled on a sale in gross arrangement to avoid costly surveys and potential disputes over the property's size.