A purchase and sale contract signed by both the seller and buyer is:

A purchase and sale contract signed by both the seller and buyer is legally binding on the parties involved. This means that once both parties have signed the contract, they are obligated to adhere to the terms outlined within that document. This legal binding nature creates enforceable rights and responsibilities; if one party fails to fulfill their obligations, the other party has the right to seek legal remedies.

While there are additional considerations in real estate transactions, such as the involvement of attorneys or real estate brokers, the essential aspect of the contract is its ability to hold both the buyer and seller accountable once agreed upon and signed. Thus, its legality and enforceability are central to the nature of a purchase and sale contract in real estate.