This is a Legally Binding Contract; If Not Understood, Seek Competent Legal Advice. A Maryland residential purchase agreement is a contract that binds a buyer and a seller for the sale and transfer of real estate.A Maryland purchase agreement records the negotiated terms of a real estate transaction. The buyer or seller can use this form to make an offer. Get a comprehensive understanding of Maryland real estate purchase and sale agreements with our indepth overview and free template. The contract must provide detailed information about the property, including the address, legal description, and any known defects or issues.