What is a written contract signed by the buyer and seller that states the terms and conditions under which a property will be sold?

A written contract signed by the buyer and seller that outlines the terms and conditions for the sale of a property is known as a Purchase Agreement. This document is vital as it details the specific stipulations of the transaction, including the purchase price, closing date, contingencies, and any other necessary provisions needed to complete the sale.

A Purchase Agreement serves as a binding legal contract that protects the interests of both parties involved, ensuring that the terms are clear and agreed upon. It typically covers essential aspects such as the identification of the property, the rights and obligations of each party, and any conditions that must be met prior to closing.

The other options do not specifically refer to this type of transaction. For instance, while a Sale Agreement might seem similar, it is generally broader and can refer to various types of sales, not limited to real estate. A Lease Agreement pertains to rental arrangements, where a tenant pays for the use of a property without transferring ownership. A Transfer Agreement, while it might involve the transfer of property rights, is not the standard term utilized in real estate transactions for the sale of a property.