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The Purchase Agreement is essential to formally initiate a real estate offer because it outlines the terms and conditions under which the buyer proposes to purchase the property. This document serves as the basis for negotiating the sale and includes key details such as the purchase price, closing date, contingencies, and any specific conditions that need to be met for the transaction to proceed.

By presenting a Purchase Agreement, the buyer formally communicates their intent to purchase, legally binding both parties to the agreed-upon terms once it is accepted by the seller. This is a critical step in the real estate transaction process, differentiating it from other documents that may play a role later, like earnest money agreements or listing agreements. Earnest money agreements typically show good faith but do not serve as the initial offer, and counteroffer documents are relevant only after an initial offer has already been made.