A purchase and sale agreement is a contract between a buyer and seller for transacting a property in exchange for a specific price. This business sale agreement template can be used as a binding document to govern the sale of a business to a new owner.A foreign entity is transacting business in Texas if it has an office or an employee in Texas or is otherwise pursuing one of its purposes in Texas. A business purchase agreement should detail the names of the buyer and seller at the start of the contract. The Texas real estate form is the formal document that mentions the demands both parties have in the process of buying a piece of real estate.