What information must be verified in a contract for purchase and sale?

In a contract for purchase and sale, it is essential to verify key components to ensure that the agreement is legally binding and clearly defines the terms of the transaction. The correct answer highlights four fundamental elements: property details, parties involved, price, and completion date.

Property details provide the specifics of the real estate being sold, including the legal description and physical address. This information is crucial for identifying the subject of the contract and ensuring that both parties agree on what is being bought and sold.

The parties involved must be clearly stated to establish who the buyer and seller are, as well as any other stakeholders in the transaction. This identification is important for enforcing the contract and understanding the legal obligations of each party.

The price outlines the agreed-upon amount for the property, which is a central aspect of the transaction and must be mutually accepted for the sale to proceed.

Finally, the completion date indicates when the transaction will be finalized, providing a timeline for both parties to meet their obligations and ensuring that the buyer can take possession of the property.

Other options presented either include irrelevant details that are not essential for the verification of the contract or omit critical elements that are fundamental to the agreement. For instance, property value and appraisal dates may be important for financial assessments but do