General information about the property agreement. 1.The agreement should state the actual cost, the advance amount, the time span within which the actual sale should take place and how to proceed in case of any default from either the buyer, to cover the loss. 2.The agreement will be prepared by a lawyer and should be signed by both the parties and two witnesses. 3.After signing the agreement if one of the parties makes a default, the other party can take legal action against him.