But, unlike business transactions for specialized equipment, a real estate purchase agreement can evolve over time as terms and conditions are negotiated. The purchase agreement becomes the contract that codifies those agreed-upon terms and conditions and makes them legally binding.Ī purchase agreement is also the key document used in the purchase and sale of real estate. In contrast with a purchase order, which can be initiated by a buyer before any terms have been discussed, a purchase agreement for specialized equipment or other large orders is drafted once the buyer and seller have agreed on all terms and conditions of the purchase. This type of contract is most common in more complex and more expensive transactions, such as purchasing real estate or large, specialized equipment. A purchase agreement is a contract generally used in transactions where the buyer is purchasing goods instead of services.
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