The Purchase Agreement is, well, just what it says it is. A Purchase Agreement is an agreement for the purchase of something. Most often, the term Purchase Agreement is used to describe agreements for the Purchase and Sale of Real Estate. Interestingly enough, just because a Purchase Agreement has been entered into, it does not mean that an actual sale of Real Estate will take place. In fact, a Purchase Agreement is truly nothing more than a statement by the seller that he is serious about selling the Real Estate to the buyer, and a statement by the buyer that she is serious about buying the Real Estate from the seller.