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In real estate, a purchase agreement is a binding contract between a buyer and seller that outlines the details of a home sale transaction. A land contract is the contract that results from a seller financing arrangement.The whole process is often referred to as "selling a house on contract.". It is just one of the many reasons that selling a house as a FSBO is so challenging. One missing element can invalidate the entire contract. You have signed a contract to buy or sell a house. Owner must provide the completed disclosure statement to the purchaser prior to the time the owner and purchaser sign a real estate contract. Buying a home is serious business. It involves a lot of money and a valued property. The Residential Property Disclosure Act (G.
