What is a Purchase Agreement?

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Real Estate FAQ              

Q.    What is a Purchase Agreement?

A.    The Purchase Agreement is a contract that contains a complex bundle of legal terms that outline the rights and obligations of the Buyer and the Seller in a real estate transaction. The Purchase Agreement should include the terms of the sale, the legal description of the property, the personal property included in the sale, the type of deed to be provided, the purchase of title insurance, responsibilities for payment of taxes, title insurance, contingent conditions of the sale, and any other necessary terms of the sale. The Purchase Agreement also sets forth the Buyer’s and Seller’s responsibilities that must be completed prior to the “Closing.”

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