However, as usual, the buyer may at any time waive the seller`s obligation not to carry out the repairs. Each admission also serves as an additional measure of legal protection for both parties. Here are some other contractual elements you might encounter: Buyer attention or „reserve“ is a term used when state laws do not require the seller to mention material defects in the land. Therefore, the buyer buys the property „as seen“. A contract for the purchase of residential real estate is a binding contract between the seller and the buyer for the transfer of ownership of real estate. The agreement sets out the terms, such as the sale price and all contingencies that lead up to the closing date.