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. Here is your purchase price for the property.It's probably easiest to fill out C first and then work backwards to find A and B. A purchase contract in real estate is a legally binding agreement between a buyer and a seller regarding the sale of a property. 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.