Prior to Close of Escrow, Seller shall execute, acknowledge and deliver to Escrow a grant deed in a form substantially similar to the form attached as Exhibit. Section 1.1 Definitions.Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, subject to the terms, covenants and conditions set forth herein. Real Property Sales and Transfers. A memorandum of purchase and sale agreement is a legal document that protects a buyer from being outbid after the seller accepts their offer.