Definition: A real estate sale contract sets out the buyer’s and seller’s agreement for a property purchase, including the property, price, obligations, and applicable conditions.
Example
A signed purchase agreement states a $325,000 price, a closing date, and an inspection contingency.
Keep the distinction clear
The purchase contract creates contractual rights and duties. It is different from the deed used to convey the property. Signing the contract alone is not the same as completing the transfer.
Related terms
Bilateral Contract · Executory Contract · Deed
Keep studying
What Strengthens a Purchase Offer? Preapproval and Earnest Money
References: CFPB: What happens at closing · Florida Statutes §725.01
Pronunciation (US): SAYL KON-trakt (capitals show stress)
Pronunciation reference: Merriam-Webster
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