The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. Purchase and Sale Agreement.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 Real Property Department records documents pertaining to real property or real estate in Harris County.