Speed up the sale process - have the agreements in place early. 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.Is the Seller a resident of the Republic of South Africa for. Income Tax purposes? Complete the relevant details. This includes the Seller and Purchaser's names, the nature of the business being sold and the purchase price. 3.1. The Vendor shall sell and the purchasers shall purchase the business and assets described in the Schedule hereto. This business sale agreement template can be used as a binding document to govern the sale of a business to a new owner. A sale of business agreement is a critical legal document that outlines the terms and conditions of the sale of a business from the seller to the buyer. The most common contractual form is the contract of purchase and sale.