A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. This business sale agreement template can be used as a binding document to govern the sale of a business to a new owner.Additionally, provide the effective date of the agreement. Step 1 – Fill Out the Buyer and Seller Information. 1. Seller. It includes important details such as the purchase price, payment terms, conveyance of title, and seller promises. Illinois Business Purchase Agreement Template. Utilize our no-cost Business Purchase Agreement to document the sale of a business. Customize any template in minutes with PandaDoc. You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets.