A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. When you need to create a new purchase agreement, use this purchase agreement template and fill in the blanks as necessary.Step 1 – Fill Out the Buyer and Seller Information. 1. Seller. PandaDoc's free simple purchase agreement template lets you create legally binding contracts for small business purchases and deals. Use our free sale and purchase agreement template, follow the guidelines below, and modify the contract in PDF Expert. With our free Sales Agreement form, you'll be ready to print or download your contract in no time. A purchase agreement is most commonly used to create a transaction between a buyer and a seller of residential real estate.