What is a purchase agreement?

A purchase agreement is a legally binding document that outlines the terms and conditions of a real estate transaction in California. This document outlines the details of the sale, such as the purchase price, closing date, and other conditions, such as repairs and inspections. It also outlines contingencies, which are cases in which the buyer has the option to cancel the agreement if certain conditions are not met. The agreement also includes a timeline for completion and a statement of authority from the seller affirming their legal rights to the property. The purchase agreement is signed by both the buyer and the seller, and serves as the basis for the entire real estate transaction. In order to buy and/or sell real estate in California, a written purchase agreement is essential for the protection of all involved parties.

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What is a purchase agreement?

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