The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. Warning: No representation is made that this form of contract for the sale and purchase of real estate complies with Section 5-702 of the General Obligations.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. What constitutes a complete offer submission? THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made as of this ____ day of.