Sales and Purchase agreementA legal document signed between the seller and the buyer that forms a contract to sell the detailed property or item as per the conditions written, and signed as accepted by the two parties. It is important to read this well before signing. It is always better to stipulate “subject to finance approval” at the time of signing. In most case even if the loan is per-approved the lender will need to know of the property before giving their go ahead. Once signed the two parties can only get out of the contract by either implementing it or by mutual consent.