A real estate contract is a legally binding agreement between parties involved in a property transaction, typically the buyer and the seller. This document outlines the terms and conditions of the sale, including the purchase price, property description, and any contingencies that must be met before the sale is finalized. In addition to the basic terms, a real estate contract may include details about financing, inspection requirements, and closing dates. Both parties must sign the contract for it to be enforceable, ensuring that each party understands their rights and obligations throughout the transaction process.