Purchase Price

Purchase price is the total amount of money agreed upon by a buyer and seller to buy a property, item, or asset. It represents the cost to acquire ownership and is usually specified in a contract or agreement. For example, if someone buys a house for $300,000, that $300,000 is the purchase price. This amount may include the base price and sometimes additional costs like taxes or fees. Understanding the purchase price helps clarify the value of the transaction and informs financial planning or loan considerations.