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A Texas Real Estate Purchase Agreement is a legally enforceable document prepared to formalize the transfer of real property situated in the state of Texas. 2.01 Total Purchase Price.Real Estate Commission. Wiedemer, TEXAS REAL ESTATE CONTRACTS (2003). The seller in contracts of sale of commercial real estate. Note that a Realtor representing a principal has an obligation to make sure the effective date is properly completed. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property. What is a real estate purchase contract? What are the elements included in a purchase contract? Real estate brokers are required to use Commission approved contracts and forms as appropriate to a transaction or circumstance.