Earnest money is a deposit made by the buyer to show good faith and commitment to the purchase.
A purchase agreement outlines the terms, conditions, and obligations of both the buyer and seller in a property sale.
A closing disclosure provides final details on loan terms, closing costs, and payment breakdowns before the transaction is finalized.
Contingencies allow buyers or sellers to withdraw from the contract if specific conditions are not met.
If a buyer defaults on a purchase contract, they may forfeit their earnest money or face legal consequences.
A written contract signed by all parties involved in the transaction is legally enforceable in real estate sales.
