This is a Legally Binding Contract; If Not Understood, Seek Competent Legal Advice. GCAAR MEMBERS ONLY – Download all the contracts, disclosures, and forms you will need for a real estate transaction in Montgomery County, MD.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. An Alabama residential purchase agreement allows a buyer and seller to enter into a legally binding contract for the sale of real property.