A Definitive Purchase Agreement will also help you deal with the legal complexities of selling a California lower middle market business. Within sixty (60) days following the Closing, the Purchaser and the Seller shall complete a final closing statement where the Purchase Price will be allocated.The letter of intent should contain the basic points of agreement that the parties want to cover in the purchase contract. StepbyStep Guide to Completing Form 8594. Step 1: Gather Documentation. 1. Collect details of the seller and buyer. Selling your medical practice is a complicated transaction. This publication is intended to help you understand California's sales and use tax law as it applies to hospitals and similar institutions.