Home Buying Purchase Contract -

Protects the buyer if their mortgage application is denied.

Ensures the home is worth at least the agreed-upon price; if the appraisal comes in low, the buyer can walk away. Preparation and Costs

After signing, the buyer typically enters the due diligence phase—securing financing, conducting inspections, and negotiating any necessary repairs before the final closing . What is a real estate purchase agreement? - Rocket Mortgage

A standard agreement must include specific details to be enforceable:

Contingencies are "escape hatches" that allow you to back out of the contract without legal or financial penalty if certain conditions aren't met: