Property: Purchase Contract
A real estate purchase contract, also known as a sales agreement or purchase agreement, is a legally binding document that outlines the terms and conditions of a property sale between a buyer and a seller. The format will change from state to state but they all contain the same key information.
Context: Identifying the document.
Document title which might say Real Estate Purchase Contract, Purchase Agreement or Sales Agreement
Key takeaways: Important information.
Buyer(s) name
Seller(s) name
Subject property address
Purchase price
Initial deposit aka Earnest Money Deposit (EMD)
Close of escrow or closing date
Listing/Selling Agent info
Buyer’s Agent info
Escrow Officer’s info
Assignment of certain fees (e.g. escrow fees, transfer tax, owner’s title insurance policy)