Which of the following documents is essential for closing a real estate transaction?

The purchase agreement is essential for closing a real estate transaction because it serves as a legally binding contract between the buyer and the seller. This document outlines the terms and conditions of the sale, including the purchase price, contingencies, and the responsibilities of both parties. It provides clarity and protection for both the buyer and the seller throughout the transaction process.

Other documents, such as the home inspection report or the listing agreement, may be important in the context of the transaction but are not prerequisites to finalize the deal. The home inspection report pertains to the condition of the property and can influence negotiations, while the listing agreement primarily pertains to the seller's relationship with the real estate agent and is not required for the transaction to close. The property tax statement offers insight into the taxes owed on the property but does not govern the terms of the sale itself. Therefore, the purchase agreement is crucial for ensuring that all parties have agreed upon the same terms and conditions, thus making it essential for closing the transaction.