Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this. In this article, you'll learn the components of an ideal purchase agreement.Use the attached template to create your next purchase agreement. 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. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. Interested in becoming a vendor? A water service agreement is an agreement between a water supply resource owner and a water services provider that governs their working relationship.