Fill Out or Edit the Purchase Agreement: Open the template in the online editor and fill it out. You can also edit the terms as you go.(a) The Seller will have the Option to re-purchase the Property in the event the Purchaser fails to commence construction of the Improvements on or before _____. This document is a purchase agreement between a seller and buyer. The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as.