(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 contract acts as a roadmap for the transaction, guiding both parties through the steps needed to complete the sale, from escrow to closing.The document informs the seller of the amount the buyer is willing to pay and specifies various terms the seller must satisfy if the buyer agrees to the sale. Here you are listing the legal names of the two parties in the contract (the buyer and the seller. This contract outlines the terms and conditions of the transaction, including the purchase price, payment terms, property condition, and closing details.