What is a sales contract typically known as in real estate transactions?

In real estate transactions, a sales contract is typically referred to as a purchase agreement. This document outlines the terms and conditions under which property will be sold, including the purchase price, payment terms, and any contingencies that must be met for the sale to proceed. The purchase agreement is crucial because it establishes the legal obligations of both the buyer and the seller, serving as a formal commitment to the transaction.

Variations of this term exist, but the core functionality remains the same: it facilitates the transfer of property ownership under agreed-upon terms. Other types of agreements mentioned, such as net lease agreements, primarily pertain to rental situations rather than the outright sale of property, while buyer's tax statements are related to tax obligations rather than contracts. Brokerage agreements deal with the relationship between real estate agents and their clients, focusing more on representation rather than the specific details of a property sale.