THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made as of this ____ day of. Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this.New York contracts typically allow Seller to keep. Buyer's deposit on default. Our purchase and sales attorneys will handle your due diligence and draft your Purchase Agreement. We can help with acquisitions and mergers, as well. A purchase and sale agreement is a contract that details the responsibilities of the buyer and seller during a real estate transaction. This outline provides an overview of each of these issues concerning the purchase or sale of a small business.