Is all the text and content in this theme is free (any copyright issue). Can i edit this text after purchasing the theme
Yes, all text and content which will come with theme demo (you have to import demo) is free to use and you can edit according to your need. Only can except is live demo images because of images copyright.
You can ask your pre-purchase query directly to the Item author by posting comments going through the Item Comments page. Item author will answer your query.