Which document typically outlines the terms of a real estate sale?

The purchase agreement is the document that outlines the terms of a real estate sale. It serves as a binding contract between the buyer and seller, detailing important aspects such as the purchase price, financing terms, closing date, and any contingencies that must be met before the sale is completed. This agreement ensures that both parties have a clear understanding of their rights and obligations regarding the transaction.

In contrast, the deed is a legal document that transfers ownership of the property from the seller to the buyer after the sale is finalized, but it does not outline the terms of the sale. A lease pertains to rental agreements for a property rather than a sale and addresses the rights of landlords and tenants over a specified duration. The title report is a document that provides information about the legal ownership of the property and any liens or encumbrances, but it does not specify the terms of the sale.