Speed up the sale process - have the agreements in place early. Is the Seller a resident of the Republic of South Africa for.Income Tax purposes? Complete the relevant details. This includes the Seller and Purchaser's names, the nature of the business being sold and the purchase price. Use this professionally drawn business sale agreement template to create a sale and purchase contract quickly and inexpensively, without involving advisors. A sale of business agreement is a legally binding contract that governs the transfer of ownership of a business from the seller to the buyer. 3.1. The Vendor shall sell and the purchasers shall purchase the business and assets described in the Schedule hereto. The most common contractual form is the contract of purchase and sale. One party must have the intention of buying and the other of selling.