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FSBO homes also often take longer to sell and are more likely to fall out of contract after accepting an offer. The first step of the legal process of buying or selling a home involves creating a real estate purchase agreement.A contract for deed is an agreement for buying property without going to a mortgage lender. It is also referred to as an "Assignment of Real Estate Purchase and Sale" agreement. We write your offer on a state approved form, the "Real Estate Purchase Contract", commonly referred to as the "REPC". Binding contract , see CONTRACTS , § 93 d .