Once you have a general agreement with the buyer, the buyer usually drafts and signs a non-binding letter of intent. Identify the parties involved in the transaction. 2.A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business. The easiest way to create a Business Purchase Agreement is to use a template that is customized to your state. This contract is a legally binding document outlining the terms and conditions for the sale of a business and its assets. A business purchase agreement marks the official start to the sale of a business. Read our blog to better understand each part of this important document. A Business Sale Agreement helps you define and agree to the terms of the sale. This includes the purchase price and the closing details of the transaction.