Information about the buyer and the property. This article will discuss a few of the red flags to look for before signing a builder's purchase agreement.A newhome sales contract has basically the same requirements as a resale contract. Here is a master list of the Building Division's bulletins and forms. A real estate purchase agreement is a legally binding agreement that governs the purchase and sale of a property. You'll need to sign a residential purchase agreement, make an offer, possibly put down a deposit, conduct inspections and close the sale.