A written contract between a seller and a buyer for the purchase and selling of a specific property is known as an Agreement of Purchase and Sale. The buyer agrees to buy the property for a specified price if a number of terms and conditions are met.

The procedure starts when the buyer makes an irreversible offer for a set length of time. If no counter-offers are made, the Agreement becomes legally enforceable if the seller accepts the offer within the time frame stipulated by the buyer. The Agreement cannot be terminated at this point unless both the buyer and the seller agree.