Description of Property. Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller certain improved real property commonly known as.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 purchase agreement attached here is a standard agreement between the buyer and seller, for properties located in Michigan. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. This free Michigan real estate purchase agreement template addresses key aspects like purchase price, contingencies, and closing terms.