- "Sale" is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.Sale how made. - Such transfer, in the case of tangible immovable property or in the case of a reversion or other intangible thing, can be made only by a registered instrument.Contract of sale. - A contract for the sale of immovable property is contract that a sale of such property shall take place on terms settled between the parties, but no such contract shall be valid, unless it is in writing, and signed by the parties.It does not, of itself, create any interest in or charge on such property.
