The process is comprised of four general steps: conversation, letter of intent, definitive documentation and closing. The easiest way to create a Business Purchase Agreement is to use a template that is customized to your state.We'll discuss seller financing for business and how it works, as well as highlight the pros and cons for both buyers and sellers. Purchase Agreement: This comprehensive contract details the terms of the sale, including payment structure, contingencies, and other specifics. (1) Prepare business for sale including updating financial documents and list of business assets and debts in order to get the business potentially valued. For example, if the purchase and sale agreement is to sell property, Washington law typically requires it to be in writing to be enforceable. A transaction attorney will draft and review crucial documents like the purchase agreement, protecting your interests throughout the process.