owning or acquiring a business is one of the wisest decisions to make if you want to have a passive income. read more a business purchase agreement is a legal document used to transfer business ownership from a seller to a buyer. most of the time, it’s the seller who furnishes this document to the buyer. you can do so by making sure the agreement lays out the terms and conditions of the purchase effectively. introduce the seller and the buyer by stating your full legal names along with your mailing addresses. provide the purchase price of the business and the mode of payment. the purchase price might change to reflect the actual state of the business.