Definition: A real estate purchase contract is a binding agreement (between two or more parties with legal capacity) to purchase real property. It is based on legal consideration.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Also Known As: Contract to Purchase Real Estate or Residential Purchase Agreement
Examples:
The Andersons signed a purchase contract and put down $1,000 deposit to buy their new home, which the Jones accepted upon presentation.
