Drafting a purchase agreement for buying or selling a business in Texas is a critical step to ensure a smooth transaction. The first element is the list of events that will allow an owner to leave the business.A Texas Business Purchase Agreement will help transfer business ownership and outline the terms of the sale. This article discusses the elements of buying or selling a small business in Texas, whether the business is focused on real estate or otherwise. Sell agreement is a specific type of agreement among business owners that pertains to the transfer (or limitation on transfer) of ownership interests. Our business and real estate attorneys are experienced in drafting and negotiating complex letters of intent and business purchase and sale agreements. The buysell agreement definition is an agreement that formalizes the understanding between the owners of a business if one of the owners separates.