The Alabama Agreement of Purchase and Sale is an important real estate transaction document that outlines the terms and conditions of a purchase and sale between two parties. It specifies the sale price and other conditions that both parties must accept in order to complete the sale. There are two types of Alabama Agreement of Purchase and Sale: residential and commercial. The residential version is used for single-family homes, condominiums, and other residential properties, while the commercial version is used for commercial properties such as office buildings, warehouses, and retail spaces. Both versions include a detailed description of the property being sold, the purchase price, closing costs, and other components such as financing, inspections, and warranties. The Alabama Agreement of Purchase and Sale must be signed by both parties in order to be legally binding.