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.Free Real Estate Purchase Agreement. Answer a few simple questions. GCAAR MEMBERS ONLY – Download all the contracts, disclosures, and forms you will need for a real estate transaction in Montgomery County, MD. The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. An Alabama residential purchase agreement allows a buyer and seller to enter into a legally binding contract for the sale of real property. This is a Legally Binding Contract; If Not Understood, Seek Competent Legal Advice. Make your own real estate purchase agreement online at Docs Creator. Explore Purchase Contract, Rental Agreement Template and examples here.