PARTIES: The parties to this contract are. (Seller) and. (Buyer).This contract outlines the terms and conditions of the transaction, including the purchase price, payment terms, property condition, and closing details. A Texas residential purchase agreement outlines the terms and conditions of an offer to purchase real estate. A Texas purchase agreement solidifies the terms of sale for a residential property. 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. In this video, we're going to walk step-by-step through the 10 pages of the TREC One to Four Residential Resale Contract (Form No.