What is a document that outlines the rights and obligations of parties in a real estate transaction called?

The correct answer is a purchase agreement. A purchase agreement is a legally binding document used in real estate transactions that details the rights and obligations of both the buyer and the seller. It outlines essential elements such as the purchase price, property description, closing date, contingencies, and any warranties or disclosures. This document sets the framework for the transaction and ensures that all parties are aware of their responsibilities and expectations.

While title deeds, lease agreements, and sales contracts also relate to real estate, they serve different purposes. A title deed transfers ownership of the property but doesn't outline the transaction process between parties. A lease agreement pertains to the rental of a property, specifying terms between a landlord and tenant, rather than a purchase. A sales contract could refer to a variety of transaction types, but in residential real estate, the term 'purchase agreement' is the standard terminology used specifically for the buying and selling process.