A contract that obliges sellers to convey title if buyers pay a certain amount by a specific date is called what?

The correct answer is a purchase agreement. A purchase agreement is a legal contract that outlines the terms and conditions under which a seller is willing to sell their property to a buyer. In this type of agreement, the seller commits to convey title of the property to the buyer in exchange for payment by a specified date, making it clear that ownership will transfer once the buyer fulfills their payment obligations.

An option contract is a different type of agreement that gives a buyer the right, but not the obligation, to purchase a property at a predetermined price within a certain time frame. While it involves a potential future transaction, it does not obligate the sellers to convey title as soon as payment is made.

A lease agreement typically involves the rental of property rather than the sale, so it would not fit the context of transferring ownership upon payment. A joint venture agreement usually refers to a business arrangement between two or more parties to undertake a project together, which does not pertain to the direct sale of property from a seller to a buyer.

Thus, the definition provided aligns best with the characteristics of a purchase agreement, emphasizing the obligation to convey title in exchange for payment.