What document outlines the terms and conditions of a real estate transaction?

The Purchase Agreement is the correct choice because it specifically serves as a binding contract between the buyer and seller in a real estate transaction. This document details critical terms and conditions such as the purchase price, financing arrangements, contingencies (like inspection or appraisal requirements), and deadlines for both parties. It formalizes the transaction process, ensuring that both the buyer and seller have a clear understanding of their responsibilities and the expectations involved in the transfer of property.

The other options, while related to real estate transactions, fulfill different purposes. A Contract Agreement can refer to a more general category of contracts that may govern various agreements beyond just real estate. A Disclosure Statement typically outlines the seller’s responsibilities to inform the buyer about known property issues but does not govern the terms of the transaction itself. A Listing Agreement is a contract between a property owner and a real estate broker that details the terms of listing the property for sale but does not directly involve the buyer and seller in the sale process. Thus, while they are important components of real estate dealings, they do not specifically outline the terms and conditions of the purchase transaction like the Purchase Agreement does.