A Basic Real Estate Purchase Contract is a legal document that outlines the terms and conditions of a real estate sale. It is used to protect the interests of both the buyer and the seller and to ensure that all parties are aware of the details of the transaction. It outlines the purchase price, the contingencies that must be met, and any other terms or conditions that may be agreed to by both the buyer and seller. There are two main types of Basic Real Estate Purchase Contract: Standard Agreement of Sale and Residential Real Estate Purchase Contract. The Standard Agreement of Sale typically outlines the basic details of the sale, such as the purchase price, the seller's obligations, and any other contingencies that must be met before the sale is finalized. The Residential Real Estate Purchase Contract includes additional details such as the buyer's financing arrangements, inspection requirements, and other purchase contingencies.