1. REAL PROPERTY: Purchaser agrees to buy and Seller agrees to sell the land and all improvements thereon located in the. In the event Buyer fails to obtain Seller's approval, this Agreement shall be terminated with the Buyer's Earnest Money being returned within five (5) business.Get a comprehensive understanding of Virginia real estate purchase and sale agreements with our indepth overview and free template. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. This sales contract ("Contract") is made on ______ ("Date of Offer") between. 1. Provide the date of the offer and the names of the buyer and seller.