Purchase agreement
The signed contract between buyer and seller to buy and sell the home. It spells out price, terms, contingencies, deadlines, and what happens if things go wrong.
Your Room opens on this part of the sale, with the offer and everything before it already ticked.
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See how it worksWhere this comes up in a sale, and what follows
- Review offers and negotiate (comes before)
Part 1 of 4
Why a seller cares
It is the sale, on paper. Every deadline, contingency, credit and remedy for the next six weeks is in it, and when a question comes up later, the answer is almost always on one of its pages.
Part 2 of 4
A simple example
A twelve-page purchase agreement for a $300,000 sale. Most of the questions a seller asks in the weeks after signing are answered inside it.
| The question | Where the agreement answers it |
|---|---|
| Can the buyer walk over the inspection? | The inspection contingency and its deadline |
| Who keeps the deposit? | The default and remedies section |
| Does the fridge stay? | The inclusions and exclusions list |
| When do I have to be out? | The possession clause |
The purchase agreement is the rulebook for the rest of the sale, agreed before any of it happens.
Part 3 of 4
What people get wrong
That it is boilerplate. The blanks and the checkboxes are the deal, and two agreements on the same form can describe very different sales.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
In your Room, this word explains itself where it appears.
Your Room defines purchase agreement in the step you meet it in, beside the document or the date it belongs to. Free to set up, with an agent or on your own.
Organize my saleFree to set up. Pay once when you list: $89 or $189. 7-day refund.