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.
Every term like this one lights up in the step you're on.
Free to set up. No credit card.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
One piece of your sale. Here is where all the pieces live.
In your room, this word explains itself where it appears.
Keighbor keeps your whole home sale in one place and defines every term like this one right where you meet it, in the step you're on. Free to set up, with or without an agent.