What is a standard purchase sale agreement?

A sales and purchase agreement is a specific type of contract, most commonly associated with real estate deals, that legally obligates a buyer and a seller to fulfill their ends of the deal, according to Investopedia. Both buyers and sellers use this contract to finalize their interests prior to sale.

Most buyers initially submit an offer to purchase contract before drawing up the sales and purchase agreement, explains Massachusetts attorney Richard Vetstein. The sales and purchase contract includes specifics about the title and deed of the property, as well as any responsibilities the seller takes on as part of the purchase.