Which of the following is not a component of a purchase agreement?

A purchase agreement is a legally binding document that outlines the terms of a real estate transaction. The key components typically include the price of the property, a detailed description of the property being sold, and a closing date, which specifies when the transaction will be finalized.

The price is fundamental as it indicates the amount the buyer agrees to pay for the property. The property description is essential in identifying the exact location and characteristics of what is being sold, ensuring clarity and preventing disputes. The closing date is crucial because it establishes a timeline for the transfer of ownership between the buyer and seller.

In contrast, while the appraisal value might be relevant to the buyer or lender as a means to assess the property's fair market value and secure financing, it is not a mandatory component of a purchase agreement itself. The appraisal is often part of the financing process but does not need to be explicitly included in the terms of the purchase agreement.