agreement of purchase
the definition of purchase agreement is a type of contract that outlines various terms and conditions related to a sale of goods.3 min read the definition of purchase agreement is a type of contract that outlines various terms and conditions related to a sale of goods. in real estate, a purchase agreement outlines the purchase price and other conditions under a title transfer. usually, purchase agreements are used when the purchase price is more than $500, but they may also be used for smaller transactions. for instance, a customer may buy different communications packages, so that agreement is a âvolume purchase agreement.â consider this example: john and anna want to buy a home. everything looks good, and they sign a purchase agreement. the agreement details the following: in the purchase agreement, the seller must declare that the home has no lead paint. a well-written purchase agreement should include all of a transaction's relevant information. these agreements often detail the different conditions that each party must meet in order to complete the sale.