Which of the following describes a purchase agreement?

A purchase agreement is fundamentally a written contract between the buyer and seller regarding the sale of real estate. This document outlines the terms and conditions under which the property will be sold, including the purchase price, the closing date, and any contingencies or conditions that need to be met for the sale to proceed.

This agreement is essential in real estate transactions as it serves as a legally binding commitment from both parties, ensuring that they adhere to the negotiated terms. It provides clarity and protects the interests of both the buyer and the seller throughout the transaction process.

In contrast, the other choices do not correctly define a purchase agreement. For instance, a document indicating property appreciation refers to valuation, not the agreement to buy or sell. A certificate of occupancy pertains to local government approval for a building to be occupied and does not relate to a purchase agreement. Lastly, a type of lease for commercial property involves rental agreements rather than a sale transaction, making it distinct from a purchase agreement. Thus, defining a purchase agreement as a written contract between buyer and seller accurately captures its purpose and function in real estate transactions.