What document outlines the terms of sale that both the buyer and the seller agree upon?

The written purchase agreement is the document that clearly outlines the terms of sale that both the buyer and the seller agree upon. This formal contract details key information such as the sale price, payment conditions, contingencies, and the responsibilities of both parties throughout the transaction. A written document provides a legal basis for the sale, ensuring that both parties have a clear understanding of their rights and obligations.

While other options, like a verbal agreement, might capture an initial discussion or intent to purchase, they lack the legal standing and specificity of a written purchase agreement. A real estate listing is more of a promotional tool that advertises the property for sale rather than a binding contract. An offer letter may indicate a buyer’s interest and terms but is not comprehensive enough to serve as the complete agreement. Therefore, the written purchase agreement is essential for establishing a clear, enforceable contract between the buyer and seller.