Which of the following is NOT a key component of a real estate purchase agreement?

A real estate purchase agreement typically includes essential components that outline the terms and conditions of the sale. Among those components, the property details provide crucial information regarding the property being sold, the closing date establishes when the transaction will be finalized, and the purchase price specifies the amount the buyer agrees to pay for the property.

While an inspection report can be an important part of the home-buying process, particularly for the buyer to understand the condition of the property, it is not a fundamental element required in the actual purchase agreement itself. The agreement focuses on the critical terms that both parties agree upon to facilitate the transaction, rather than detailed reports related to the property's condition. Thus, the inspection report findings are considered extraneous to the core contractual elements of a purchase agreement.