When signed, this document becomes a binding contract. Buyer and seller should consult their own attorney.PROPERTY. Buyer agrees to buy and Seller agrees to sell that certain parcel of real property situate in the Village of. A purchase agreement, also known as a real estate sales contract, is the document the buyer and seller use to detail the sale price and terms. This is where your ownership and building experience truly begins. When signed, this Document becomes a binding contract. Buyer and Seller should consult their own Attorney. Navigate your real estate purchase with confidence. Discover essential steps, from hiring a lawyer to closing, for a smooth transaction. What terms are necessary in a purchase agreement?