Which of the following best defines the term 'real estate contract'?

The term 'real estate contract' is best defined as a formal agreement to buy and sell property. This definition encompasses the fundamental purpose of a real estate contract, which is to establish a legally binding arrangement between parties involved in the transfer of property ownership. This contract outlines the terms of the sale, including the agreed-upon price, the closing date, and any contingencies that must be met for the transaction to proceed.

By providing a clear framework for the transaction, a real estate contract ensures that both the buyer's and seller's rights and obligations are protected. This is essential for ensuring that the process of buying and selling real estate is orderly and legally enforceable. Other options, like a lease agreement or documents detailing property maintenance and management duties, do not capture the comprehensive nature of a contract specifically focused on the sale of property, making them less relevant in defining a real estate contract.