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- In law, the term "purchase" is used to describe any mode of acquiring real property other than by inheritance1. It can refer to the acquisition of property by paying money or giving other valuable consideration, such as a sale, mortgage, pledge, lien, or gift2. The Uniform Commercial Code governs voluntary transactions that create an interest in property2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.PURCHASE Definition & Legal Meaning Definition & Citations: The word “purchase” is used in law in contradistinction to “descent,” and means any other mode of acquiring real property than by the common course of in- heritance.thelawdictionary.org/purchase/1 : to acquire (real property) by means other than descent or inheritance 2 : to obtain by paying money or giving other valuable consideration ;specif : to take (property) by a voluntary transaction (as a sale, mortgage, pledge, lien, or gift) that creates an interest and that is governed by the Uniform Commercial Code see also bona fide purchaserdictionary.findlaw.com/definition/purchase.html
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