This is a Legally Binding Contract; If Not Understood, Seek Competent Legal Advice. Get a comprehensive understanding of Maryland real estate purchase and sale agreements with our indepth overview and free template.This document, known as a letter of intent, or LOI, between the business buyer and seller is often the initial step in the purchase process. An experienced Maryland business transactions attorney can draft a Purchase and Sale Agreement that is tailored to the individual transaction. Business Bill of Sale: This document outlines the sale details, including the purchase price, assets included, and any warranties or guarantees. This video provides a step-by-step guide on how to fill out Maryland's Residential Contract of Sale form. A business purchase agreement should detail the names of the buyer and seller at the start of the contract. A contract consists of a legally binding agreement or promise between parties. Step 1 – Fill Out the Buyer and Seller Information. 1. Seller. Write down the seller's full name.