A Texas residential purchase agreement outlines the terms and conditions of an offer to purchase real estate. (1) The seller must present the buyer with a general warranty deed to the property and show tax statements that prove they are not delinquent on their taxes.The sale actually consists of two transactions: 1) transferring the property to the buyer, and 2) paying off the existing mortgage on your home. It includes details like the buyer's and seller's names, property description, purchase price, and closing date. The purchase agreement outlines the buyer's offer price, along with contingencies, financing terms, closing costs, possession date, and more. Most residential transactions in Texas are completed using the TREC 1-4 Residential Contract for Resale.