A real estate contract is a legally binding agreement between parties involved in a property transaction, typically the buyer and 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. These contracts often include important details such as closing dates, financing arrangements, and responsibilities for repairs or inspections. Both parties must sign the contract for it to be enforceable, and it serves to protect their interests throughout the buying or selling process.