The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price.This document outlines the terms of an owner-financed mortgage between a buyer and seller of a property. The Seller agrees to sell, and the Institution agrees to buy, the Collection for a total purchase price of ______ ("Purchase Price"). The Institution shall. Various instances may result in breach of contract between the seller and the buyer in purchase agreements such as delivery of wrong goods. PandaDoc's free simple purchase agreement template lets you create legally binding contracts for small business purchases and deals.