A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. 1. Seller and Buyer acknowledge receipt of the State of Michigan "Disclosure Regarding Real Estate Agency Relationships.The parties to this agreement to convey real estate agree as follows: 1. Description of Property. 1. Sale of Subject Property. Introduction. Preparation of a commercial real estate purchase agreement can be a daunting task for the inexperienced. When signed, its terms. Forms are state specific because real estate laws vary significantly from state to state. Need a real estate contract to sell your property? Use and customize a FREE real estate purchase agreement in minutes.