Purchase Agreement

Definition

The binding contract between buyer and seller detailing price, terms, and conditions—basically the real estate relationship's prenup. Everything that matters is in this document.

Example Usage

We negotiated the purchase agreement for three days before both parties finally signed.

Origin

Standard legal document in real estate transactions

Fun Fact

Most purchase agreements run 10-20 pages and include contingencies, deadlines, and default terms—it's basically a thriller novel in legal form

Source: National Association of REALTORS® contract standards

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