What is the typical method for purchasing real property from an owner?

Purchasing real property from an owner typically involves a contractual agreement. This legal document outlines the terms and conditions of the sale, including the purchase price, closing date, and any contingencies that must be met before the transaction can be finalized. A written contract is essential in real estate transactions to ensure that both parties have a clear understanding of their rights and obligations. It also helps to protect the interests of both the buyer and the seller by providing a formal record of the agreement.

In contrast, while oral agreements may be used informally in some situations, they are generally not enforceable in real estate transactions due to the Statute of Frauds, which requires certain contracts, including those for the sale of property, to be in writing. The auction process, while a legitimate method for purchasing property, is more specific to the auction format rather than a standard method for individual transactions. A gift deed refers to the transfer of property without compensation, which is not a typical method for purchasing real estate as it does not involve a sale.