This business sale agreement template can be used as a binding document to govern the sale of a business to a new owner. A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price.Additionally, provide the effective date of the agreement. Step 1 – Fill Out the Buyer and Seller Information. 1. Seller. Identify the parties involved in the transaction. 2. In this guide to business contracts, explore business contract templates and examples for small and growing businesses. Customize any template in minutes with PandaDoc.