If you wish to sell or buy a business, please use our sales contract. Some states require the addition of a sales and use tax to the purchase price of the personal property sold. Be sure to indicate in your purchase and sale contract who is responsible for these taxes. The contract of purchase and sale (also called real estate sale contract) sets out the conditions of the sale as well as the conditions to be fulfilled for the sale to take place. It is a binding legal document that indicates the final price of the house and the conditions of purchase, as negotiated between the buyer or sellers. Most states rely on a standard form, but some states require lawyers to design the document. The document also contains a list of contingencies that, if not fulfilled, invalidate the agreement.