From Commercial Real Estate Practice Manual With Forms, 2d Ed.
The most important part of a real estate transaction is the contract of purchase and sale. It is the “road map” of the entire transaction. A properly negotiated contract will eliminate most problems between the parties as the transaction proceeds toward the closing and the transfer of title. The contract may be “bilateral,” having both parties bound to the contractual provisions, or “unilateral,” in reality an option, having one party bound to perform, with a binding contract coming into existence if and when the other party elects to be bound at a later date.