Which document formalizes the property selling process?

The document that formalizes the property selling process is the purchase agreement. This legally binding contract outlines the terms and conditions under which the seller agrees to sell, and the buyer agrees to buy the property. It generally includes critical details such as the purchase price, financing arrangements, and any contingencies, such as the buyer needing to sell their current home first or requiring a satisfactory home inspection.

The purchase agreement serves as a safeguard for both parties, ensuring that all expectations are documented and legally enforceable. It sets forth the rights and obligations of the seller and buyer, making it essential in the real estate transaction process. This is why it is considered the central document when formalizing the sale of real property. The other options, such as a bill of sale or lease agreement, pertain to different types of transactions and agreements, making them unsuitable for the specific context of property sales.