The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made as of this ____ day of.A purchase and sale agreement is a contract that details the responsibilities of the buyer and seller during a real estate transaction. 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.