What is required from a real estate agent when closing a transaction for a buyer?

In a real estate transaction, a written purchase agreement is essential as it serves as the formal document outlining the terms and conditions agreed upon by both the buyer and seller. This agreement provides clarity and legal protection for both parties, detailing critical elements such as the purchase price, contingencies, and any special conditions.

A verbal agreement, while it may seem convenient, is not legally binding in real estate transactions and can lead to misunderstandings or disputes. A qualified notice typically pertains to specific disclosures or obligations and does not serve the same purpose as a purchase agreement. A detailed property report might provide necessary information about the property, but it does not replace the need for a written purchase agreement to complete a transaction effectively. Thus, having a written purchase agreement is a foundational requirement for closing a transaction.