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What is the term for a written agreement between a buyer and seller that outlines the terms of a real estate transaction?

Sales contract

Purchase agreement

The term for a written agreement between a buyer and seller that outlines the terms of a real estate transaction is referred to as a purchase agreement. A purchase agreement includes all the essential details relevant to the transaction, such as the purchase price, property details, contingencies, and the responsibilities of both parties involved.

While a sales contract may also describe a similar document in some contexts, the specific term used in real estate transactions is more commonly known as a purchase agreement. A lease agreement, on the other hand, pertains to rental situations rather than sales, and a binding contract is a more general legal term that can apply to any enforceable agreement, not specifically to buying and selling real estate. Therefore, the clarity and specificity of "purchase agreement" make it the correct answer in this context.

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Lease agreement

Binding contract

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