what is a signed purchase agreement?

what is a signed purchase agreement?
In real estate, a purchase agreement is a binding contract between a buyer and seller that outlines the details of a home sale transaction. The buyer will propose the conditions of the contract, including their offer price, which the seller will then either agree to, reject or negotiate. ... Home purchase agreement.
Full answer in: www.quickenloans.com
Can a buyer back out of a signed purchase agreement?
When you sign a purchase agreement for real estate, you're legally bound to the contract terms, and you'll give the seller an upfront deposit called earnest money. ... But having contingencies in place makes backing out of an accepted offer perfectly legal while ensuring you get your earnest money back in most cases. Jul 29, 2019
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Is a signed purchase agreement legally binding?
Purchase Agreements
A purchase agreement is a legal document that is signed by both the buyer and the seller. Once it is signed by both parties, it is a legally binding contract. Jun 27, 2019
Full answer in: www.legalzoom.com
What do I need to know before signing a purchase agreement?
A valid home purchase agreement must be in writing.
The contract must contain an offer and an acceptance.
The purpose of the agreement must be legal.
There must be an exchange of things of value (usually, it's money for property)
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What happens when you sign a purchase agreement?
Once the purchase agreement is signed and the earnest money is deposited, the buyer has the legal right to purchase the property should all agreed upon conditions be satisfied. Aug 15, 2019
Full answer in: www.opendoor.com