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What is a Purchase Contract?
A Real Estate Purchase Contract, also known as "an Offer to Purchase” or "Purchase Agreement,” is a legally binding contract that sets forth the terms and conditions of the purchase and sale of the agreed upon real estate property. The terms and conditions must be agreed to and signed by both the seller(s) and the buyer(s).
In Arizona, real estate agents have been given specific legal power to draft Real Estate Purchase Contracts. In some states, this can only be done for others by an attorney.
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