What is a real estate contract?
A real estate contract is a legally binding document between the buyer of a property and the seller. Like other types of sales contracts, it states that there will be an exchange of ownership for a property, usually (but not always) for money. For a home or property purchase to be valid in the U.S., the purchase agreement must be in writing.
A real estate contract is distinct from a mortgage note. A mortgage note is an agreement between a borrower and lender that secures the loan used to buy the property, while a real estate contract is between the buyer and property owner, and it concerns the property itself.