What type of document formally establishes a property sale in North Carolina?

A purchase agreement is the document that formally establishes a property sale in North Carolina. This legally binding contract outlines the terms and conditions of the sale, including the purchase price, contingencies, and timelines for closing. It serves to ensure that both the buyer and seller are in agreement about the specifics of the transaction, providing clarity and protection for both parties.

The other documents mentioned do not serve this primary purpose. A title deed is a document that conveys ownership of the property after the sale has been completed, but it does not itself establish the sale. A closing statement summarizes the financial aspects of the sale at the conclusion of the transaction, detailing the costs and payments involved, but does not initiate or formalize the sale. A listing contract is used to authorize a real estate agent to market and sell a property on behalf of the seller but does not represent the agreement to sell the property itself.

Understanding the role of the purchase agreement is crucial for anyone involved in real estate transactions, as it serves as the foundational document for the sale process in North Carolina.