This chapter concerns the purchase and sale of real property. An owner wishing to sell real property typically places it on the market by listing the property with a real estate broker. The broker is typically the potential seller's agent and the broker's employment agreement is known as a listing agreement. In practice, most sellers enter into these agreements without involving an attorney. Purchasers also often contact a broker to locate suitable property and they may also contract for the broker's services.
Once brought together, sellers and potential purchasers negotiate the terms of the sale, often through real estate brokers. The purchasers may conduct studies related to the suitability of the land for their needs. Assuming the parties agree on such matters as the sale price, the parties enter into a contract of purchase and sale, sometimes known as an earnest money or deposit contract, or other such name. Both seller and purchaser incur enforceable obligations when it is executed.