Identify the parties involved in the transaction. 2. Purchase agreement details terms, conditions of sale.The purchase agreement for your business is one of the most important legal documents you'll ever sign. 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. Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this. The easiest way to create a Business Purchase Agreement is to use a template that is customized to your state. Learn what a business purchase agreement looks like and how to draft one effectively. A purchase and sale agreement is used to document the parties' intentions and the terms they have agreed will govern the transaction. A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business.