What phrase best describes a purchase agreement that is signed but not yet closed?

The term "binding contract" accurately describes a purchase agreement that has been signed by the parties but has not yet closed. A binding contract signifies that both parties are legally obligated to adhere to the terms of the agreement, provided that any conditions outlined within the contract have been satisfied. This phase indicates that the parties have committed to the transaction, and, despite not being fully executed (i.e., the closing has not yet taken place), they are still bound by the contract’s terms.

In contrast, terms like "preliminary contract" or "provisional contract" suggest a level of uncertainty or a preliminary stage before the final agreement is reached. Similarly, a "conditional agreement" implies that certain conditions must be met before it becomes binding, which may not account for the complete obligations incurred at the point of signing a purchase agreement. Thus, the phrase best suited to accurately encapsulate the state of a signed purchase agreement awaiting closing is indeed "binding contract."