A wellwritten sales contract covers all elements of a transaction and includes remedies should the deal not go as planned. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price.The Seller agrees to sell, and the Purchaser agrees to purchase, the Property, in accordance with the following terms and provisions. This document is a residential sale and purchase contract. We're going to be reviewing and going over the as is residential contract some of the best practices builds and clauses in here. (b) Location: Closing will take place in ______ County, Florida.