Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined below. 2. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price.PARTIES: The parties to this contract are. (Seller) and. (Buyer). In this guide, we're taking an in-depth look at a Texas Purchase Contract, what each section means, and what you should look out for. This form may be given to the buyer or seller as general information related to obtaining property insurance. If you sell your home to anyone during this term, your agent is entitled to the agreed commission. The Title Commitment is the document that spells out the owners' rights to the property and other people's rights to the property. (2) the owner of the real property that the person intends to sell an option or assign an interest in a contract. Certain types of sellers need not fill this form out, usually because they've never lived in nor been responsible for the house.