Given the fact that the Purchase Agreement is one of the most important documents involved in the Purchase and Sale of Real Estate, it should come as no surprise that there are numerous terms common to most Purchase Agreements. These terms often have to deal with the parties to the sale, the purchase price to be paid for the property, financing terms, the condition of the property physically and in terms of the title, and the time for performance. While the majority of these terms are easy to understand or relatively self-explanatory, some can look like words from a foreign language while other words that seem common can require definitions that cause you to scratch your head. The paragraphs that follow include a brief description of many of the most important terms to a Purchase Agreement that can tend to be somewhat foreign to many or that require a definition that is beyond that which would normally be associated with the word or phrase.
Common Terms in a Purchase Agreements
