The Standard Agreement for the Sale of Real Estate, also known as the purchase and sale agreement or just the contract, is a boilerplate contract. The Standard Agreement for the Sale of Real Estate should be used in transactions to outline the terms of the agreement between the buyer and seller.A Pennsylvania residential purchase agreement establishes a legal arrangement between a buyer and a seller in a real estate transaction. The agreement of sale is strictly who's on first what's on second who are the players and that's what we're going to identify here. Get a comprehensive understanding of Pennsylvania real estate purchase and sale agreements with our indepth overview and free template. The main components of the Agreement of Sale include: offering price, good faith deposits, settlement date, financing and inspection contingencies. View the forms library.