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.With our free Sales Agreement form, you'll be ready to print or download your contract in no time. 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. 1. Identify the buyer and seller in the agreement. A Sales and Purchase Agreement (SPA) is a legal contract that details the agreement's terms and conditions. Get a comprehensive understanding of Texas real estate purchase and sale agreements with our indepth overview and free template. This written contract delineates the terms and conditions of a sale, encompassing various aspects such as goods, services, pricing, and transaction particulars.