What term describes the purchase agreement outlining sale responsibilities in real estate transactions?

The term that describes the purchase agreement outlining sale responsibilities in real estate transactions is the sales contract. A sales contract is a legally binding document that details the terms and conditions of a property sale, including the responsibilities of both the buyer and the seller. This contract typically includes critical information such as the purchase price, financing details, contingencies, closing date, and any other stipulations agreed upon by the parties involved. It serves as a fundamental part of the property transaction process, providing clarity and legal protection for both sides.

In contrast, a purchase option is a different concept that refers to an agreement that gives a buyer the right, but not the obligation, to purchase a property within a specified period. An offer of purchase, while related, is typically an informal proposal made by a buyer to a seller and does not carry the same legal weight or comprehensive nature as a sales contract. A real estate franchise pertains to a business model and not specifically to the documentation of a real estate transaction. Thus, the sales contract is the most accurate term associated with the formal agreement outlining sale responsibilities.