A written promise to pay a specific amount for a property at a specified time. The purchase contract is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
A written contract between the buyer and seller of a property that states the buyer's intention to pay a specific amount for the property by a certain date. The buyer and seller must both sign the agreement if and when the offer is accepted. Also called a purchase agreement.
The purchase contract is the legally binding document that sets forth the terms of the sale, establishes the rights and obligations of the parties involved, specifies the actions to be taken in order to close the sale, and establishes the time frames for those steps to be completed.