Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. This business sale agreement template can be used as a binding document to govern the sale of a business to a new owner.Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. Additionally, provide the effective date of the agreement. Step 1 – Fill Out the Buyer and Seller Information. 1. Seller. In the event Buyer fails to obtain Seller's approval, this Agreement shall be terminated with the Buyer's Earnest Money being returned within five (5) business. A business purchase agreement should detail the names of the buyer and seller at the start of the contract.