The most common contractual form is the contract of purchase and sale. A contract of purchase and sale is a legally enforceable agreement between one party to buy and another to sell.
For an agreement to be identified as a contract of purchase and sale the parties must agree on the following three elements (known as the essentialia of the contract): One party must have the intention of buying and the other of selling. The parties must agree on the thing sold. This must be a specific object, or must be at least ascertainable. The parties must agree on a purchase price, which must be in money.
Purchase and sales agreements contains detailed information about the both seller and buyer such as full names, addresses, phone numbers and any co-signers who may be involved.
It also lists the dates of the initial agreement, type of sale, any deposit paid, dates when other parts of the contract are to be completed, and the date of the final closing of the contract and transfer of ownership.