The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (the.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. I'm gonna break down all the terms and conditions so you can understand what it means and we're gonna fill that out so you can have a real-life example of it. A real estate sales contract may be referred to as any of the following EXCEPT brokerage agreement. Earnest money contract. 1. Buyer may terminate the contract for any reason or no reason, in Buyer's sole discretion, whether questionably reasonable or not. NOTE: There is a Binding Agreement date section on both form F9, the Purchase and Sale Agreement and form F8, the Counter Offer form. An agreement to sell real estate, or a purchase agreement, is a legally enforceable document that specifies the terms of a real estate transaction.