Speed up the sale process - have the agreements in place early. Is the Seller a resident of the Republic of South Africa for.Income Tax purposes? A sale of business agreement is a legally binding contract that governs the transfer of ownership of a business from the seller to the buyer. Identify the parties involved in the transaction. 2. The Judicial Conference of the United States' Advisory Committee on Civil Rules asked the Federal Judicial Center to conduct research on sealed settlement. Use this professionally drawn business sale agreement template to create a sale and purchase contract quickly and inexpensively, without involving advisors.