In some states it is synonymous with a purchase agreement. In other states, it is synonymous with a land contract. This is different depending upon the area of country.
A written agreement in which the buyer agrees to buy certain realty and the seller agrees to sell upon terms and conditions set forth therein. Title remains with the seller until terms and conditions are fulfilled; buyer has equitable title; there are two closings.
A contract between buyer and seller covering the sale of specific real property.