A purchase agreement does NOT need which of the following?

A purchase agreement does NOT need which of the following?

• A. Signatures
• B. Consideration
• C. Title taken
• D. Offer and acceptance

Answer: (C)

A purchase agreement does not need title taken because title refers to the legal ownership of the property, which is determined after the purchase agreement is executed. The agreement itself outlines the terms under which the property will be sold and establishes the offer and acceptance between the buyer and seller, along with consideration—something of value exchanged, typically money. Signatures are also essential to indicate that both parties agree to the terms laid out in the purchase agreement. However, the actual transfer of title occurs later in the process, typically during closing, once all contract conditions have been fulfilled. Thus, a purchase agreement can be valid without the title being taken at the time it is signed.

A purchase agreement does not need title taken because title refers to the legal ownership of the property, which is determined after the purchase agreement is executed. The agreement itself outlines the terms under which the property will be sold and establishes the offer and acceptance between the buyer and seller, along with consideration—something of value exchanged, typically money. Signatures are also essential to indicate that both parties agree to the terms laid out in the purchase agreement. However, the actual transfer of title occurs later in the process, typically during closing, once all contract conditions have been fulfilled. Thus, a purchase agreement can be valid without the title being taken at the time it is signed.