Contracts (alternative)
In Maryland, a 'purchase and sale agreement' is essentially the same as a:
AListing agreement
BReal estate sales contract (the binding agreement between buyer and seller)✓ Correct
CBuyer-broker agreement
DTitle insurance commitment
Explanation
A purchase and sale agreement is a real estate sales contract — the binding written agreement between buyer and seller establishing the terms of the transaction.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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