An agreement whereby a seller promises to sell an interest in realty by conveying a deed to the designated estate for which a buyer promises to pay a specified purchase price is known as a real estate purchase contract. The interest the seller conveys in the deed may not be a full interest, otherwise known as a fee simple absolute. If the seller is a tenant in common, meaning they own a percentage of the estate, they can sell or will that percentage of the estate to a third party.
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