The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price.(a) The Premises shall be conveyed subject to the continuing lien of the existing mortgage, which is presently payable, with interest at the rate of ______. The Seller agrees to sell, and the Institution agrees to buy, the Collection for a total purchase price of ______ ("Purchase Price"). The Institution shall. With our free Sales Agreement form, you'll be ready to print or download your contract in no time.