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.A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. 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. Download our free blank purchase agreement template in Word or PDF format: sample real estate purchase agreement template.