A bilateral contract in real estate is an agreement between two or more parties to buy and sell a property. This type of contract is legally binding, with both parties promising to fulfill their obligations outlined in the document. In most cases, both sides must sign a contract before any money changes hands. Bilateral contracts provide both buyers and sellers with security and peace of mind, as they ensure that all terms of the agreement are followed. The seller is guaranteed payment once all conditions are met, while the buyer can feel confident that they are purchasing a property in good condition and that all necessary paperwork has been completed.