What is typically required to complete a real estate sale?

A signed Purchase Agreement is essential to complete a real estate sale because it serves as a legally binding contract between the buyer and the seller. This document outlines the terms of the sale, including the purchase price, property details, and closing date, among other conditions. Without this agreement, there is no formal commitment from either party, making the transaction incomplete and unenforceable. The Purchase Agreement ensures that both parties are on the same page regarding the transaction and provides legal recourse if either side fails to meet their obligations.

While the involvement of a real estate agent, approval from a mortgage lender, and a down payment can play crucial roles in the process of completing a sale, they are not strictly necessary for a sale to be valid. Not all transactions require a real estate agent, buyers may sometimes secure financing without lender approval, and down payments can vary widely depending on the terms negotiated between the parties. However, the Purchase Agreement remains a fundamental requirement for the closure of any real estate transaction.