What document is typically signed to finalize the sale of a property?

The Purchase Agreement is the document that is typically signed to finalize the sale of a property. This legally binding contract outlines the terms and conditions of the sale, including the purchase price, closing costs, and contingencies. It serves as the primary agreement between the buyer and seller, detailing the obligations of each party in the transaction.

When both parties agree to the terms set forth in the Purchase Agreement and sign it, they are indicating their commitment to proceed with the transaction as specified. Once all terms are satisfied, it sets the stage for the subsequent legal processes, such as transferring the title and closing the sale.

The Offer to Purchase is a preliminary document submitted by a buyer to express interest in buying property, but it must be accepted by the seller and potentially modified before becoming final. The Transfer of Title, while crucial in the property transfer process, usually occurs after the Purchase Agreement is in effect and the conditions are met. The Broker Agreement pertains to the relationship and duties between the real estate agent and the client, which does not finalize the actual sale of the property. Thus, the Purchase Agreement is the key document that marks the binding commitment to purchase the property.