What is considered the primary legal document in a real estate transaction?

In a real estate transaction, the purchase agreement is considered the primary legal document because it outlines the terms and conditions under which the property is being bought and sold. This document serves as the foundation of the transaction, detailing important aspects such as the purchase price, closing date, contingencies, and any specific provisions related to the sale. Essentially, the purchase agreement establishes the legal obligations of both the buyer and the seller, and it must be executed to create a binding contract.

While the deed is also a critical document, as it is what officially transfers ownership of the property, it is not the primary legal document that initiates the transaction and sets forth the essential terms. Similarly, lease agreements and mortgage contracts play important roles in their respective contexts, but they do not directly pertain to the transfer of ownership in a sale. Instead, they relate to rental arrangements and financing, respectively. Thus, the purchase agreement takes precedence as the key legal document in real estate sales.