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.With our free Sales Agreement form, you'll be ready to print or download your contract in no time. The buyer takes the full ownership of the Vehicle (Make, Registration Number). bearing. Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined below. 2. 1. PARTIES TO CONTRACT - PROPERTY.