The term "Purchase and Sale" refers to a transaction in which one party buys an asset from another, without selling anything in return. This type of agreement is commonly used when transferring ownership of real estate or other large assets. In this arrangement, the purchaser agrees to buy the property from the current owner (the "seller") and the seller agrees to sell the property to the buyer for a specified price. The transaction is then completed by exchanging the deed or title to the property for the purchase price, making it a simple and straightforward process.