What is one requirement that must be included in a real estate purchase agreement?

A real estate purchase agreement must include the purchase price and terms of payment because these elements are fundamental to the transaction. The purchase price establishes the financial consideration being exchanged for the property, while the terms of payment outline how that amount will be paid, whether in cash, through financing, or by another method. This information is critical for both parties to understand their financial obligations and expectations within the contract.

Including the purchase price and payment terms ensures that there is clarity on what is expected and agreed upon, which serves to protect both the buyer and seller throughout the transaction process. Clarity on these terms also helps prevent disputes or misunderstandings later on.

The other options, while they may seem relevant, do not hold the same necessity for inclusion in a purchase agreement. The buyer's credit rating, for instance, is generally assessed during the financing approval process but is not a required term in the agreement itself. Similarly, a seller's social security number is not required for the agreement and can raise concerns about privacy and confidentiality. Lastly, while it is beneficial to list appliances included in the sale, it is not a legal requirement, and may be discussed but does not define the essence of the purchase agreement.