The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. A New York residential purchase agreement outlines the terms of a transaction between the buyer and the seller of a residential property.Seller shall sell and convey and Purchaser shall purchase the property, together with all buildings and improvements thereon (collectively the. The New York residential purchase and sale agreement allows a prospective homeowner to make a written offer to a seller on a residential property.