The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. Warning: No representation is made that this form of contract for the sale and purchase of real estate complies with Section 5-702 of the General Obligations.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. A real estate purchase contract is a legally binding agreement between the buyer and the seller of a property. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. This course will resolve common problems, misconceptions and misunderstandings related to the.