A Virginia purchase agreement accredits the transaction of a piece of real estate in exchange for financial compensation. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price.This FSBO paperwork is needed as soon as you accept an offer, so it's useful to have a purchase agreement onhand that you can fill out quickly. BUYER agrees to purchase and SELLER agrees to sell the real property, and the improvements thereon, commonly known as: , in the County of. Use a Virginia residential purchase agreement to navigate the complexities of home buying or selling. Download a template here. Find the required and recommended documents for selling your home without a realtor in Virginia, plus where to get paperwork help.