The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. Purchase and Sale Agreement.A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. I'm gonna break down all the terms and conditions so you can understand what it means and we're gonna fill that out so you can have a real-life example of it. Get a comprehensive understanding of New York real estate purchase and sale agreements with our indepth overview and free template.