This model contract is suitable for any straightforward sale of an existing commercial building or raw land. A New York commercial real estate purchase and sale agreement is a contract between a buyer and seller used to transfer ownership of commercial property.A commercial real estate purchase agreement is a legal contract between the buyer and seller of a commercial property. A commercial real estate purchase agreement allows a seller and a buyer to make a deal that transfers ownership of commercial property. We've included a lengthy, typical NYC real estate purchase contract geared towards new development for your review below.