What is defined as a legally binding agreement between parties regarding the sale of property?

A real estate contract is indeed defined as a legally binding agreement between parties regarding the sale of property. This type of contract outlines the terms and conditions under which the property will be bought and sold, ensuring that both the seller and buyer understand their obligations. It typically includes critical details such as the purchase price, the property description, closing date, and any contingencies that might need to be met before the sale is finalized.

In the context of property transactions, a real estate contract is essential as it provides the legal framework that governs the sale. It protects the interests of both parties and provides a basis for legal recourse should either party fail to fulfill their obligations as outlined in the agreement.

While a conditional sales contract may specify certain conditions that need to be met before the sale is completed, it does not encompass the broader definition of a real estate contract. A purchase agreement may often be regarded as a type of real estate contract, but the term 'real estate contract' covers a wider scope beyond just purchase agreements. A tenancy agreement specifically pertains to rental arrangements rather than the sale of property, thus making it irrelevant to the question of property sales.