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Under Georgia law, all these agreements are treated synonymously. When a seller of real estate agrees to finance some or all of the purchase price to the buyer, he may use a contract for deed.

Types of Purchase Agreements There are four primary types of purchase orders. The difference is between them is essentially based on how much information is known at the time the order is made. The four types are standard purchase orders, planned purchase orders, blanket purchase orders, and contract purchase orders.

A purchase agreement, also referred to as a purchase contract, real estate sales contract, or real estate purchase contract, is an agreement between a buyer and seller that spells out the terms of a real estate transaction.

This contract covers all the pertinent information regarding the transaction including price, financing terms, rights and obligations of both parties, and a closing clause. Should any issues arise during the sale, the agreement exists to mediate the situation and ensure the transaction is fair to both parties.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

As its name suggests, it's a contract to purchase a property. In addition to basic information like the property address and price, the document often outlines any contingencies that must have occurred before the sale is binding and specifies what rights the buyer has regarding seller obligations, and vice versa.