The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. Get up and running quickly with a master service agreement template New York.This downloadable template will get you selling in no time. A master purchase agreement is a legally binding contract between buyer and seller, and typically relates to buying and selling goods rather than services. General Applicability. A purchase and sale agreement is used to document the parties' intentions and the terms they have agreed will govern the transaction.