Appendix A: Site References; Legal Description. A business purchase agreement is a legal contract specifying terms for buying or selling a business, including conditions and obligations.Within three (3) business days following the Effective Date, Buyer shall deliver to Escrow. Identify the parties involved in the transaction. 2. This PURCHASE AGREEMENT (this "Agreement") is made and entered into as of last date written below. This guide will help you understand how to fill out and sign a business purchase agreement template so that everyone's best interests are protected.