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January 19, 2023
A purchase agreement in real estate is a legally binding contract between a buyer and seller that describes the elements of a house selling transaction. The buyer will present contract terms, including their offer price, to which the seller will either agree, reject, or negotiate. Negotiations between the buyer and seller may continue back and forth until both parties are pleased. When both parties agree on the conditions and sign the purchase agreement, they are said to be "under contract."