I'm gonna break down all the terms and conditions so you can understand what it means and we're gonna fill that out so you can have a real-life example of it. The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as.Purchase and Sale Agreement. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. With our free Sales Agreement form, you'll be ready to print or download your contract in no time.