A Purchase Agreement is an agreement or contract between a buyer and a seller agreeing that a sale of real estate will take place in the future between the parties. It usually includes the purchase price, the description of the real estate to be sold, the identities of the parties, the date when the sale will be closed, and when possession of the transfer of the real estate is to be transferred to the buyer. The parties may include other terms as necessary. In most states, a purchase agreement is not the actual conveyance or transfer of title but an agreement to do so in the future. A purchase agreement must be in writing and must be signed. However, it is possible that an oral or verbal purchase agreement will be enforced if one or more of the parties has performed, in whole or in part, his/her duties or obligations under the purchase agreement, and fairness mandates that the oral or verbal purchase agreement be enforced. Please see specific state for details and/or differences.

Black's Law Dictionary, Fifth Edition.