The most basic elements of the document are displayed above. The contract for the purchase of a property may contain unique elements depending on the parameters of the agreement. One element is the Promise to Pay, which defines the funding parameters. There are four types of financing terms that buyers and sellers can accept: this relates to the fact that you can arrange payments, for example.B a mortgage or loan. Some agreements may provide (in favour of the seller) that if you are unable to provide financing and cannot meet this requirement, you will need to provide proof from your bank that your financing has been refused. If you are unable to provide supporting documents, you may need to continue selling. To create a purchase and sale contract, first identify the buyer and seller by name and attach a description of the property for sale. Also, make sure that you explain what closing costs, such as loans or fees, are paid by the buyer and what fees are paid by the seller. In the main part of the document, define the terms of the sales contract, including any circumstances that would invalidate the contract….