A purchase agreement is a legally binding contract detailing the property transaction between the buyer and seller. It is sometimes called the real estate sales contract, the home purchase agreement, or the real estate purchase contract.
Some states use a short document called an "offer to purchase," also known as a binder. In this case, if the seller accepts the offer to purchase, it leads to a sales contract, which is a longer document and lists the more specific details of the purchase.
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