The sales agreement is the key document in buying business assets. Make sure these items are included:
Names of seller, buyer and business
Background information
Assets being sold
Purchase price and allocation of assets
Covenant not to compete
Any adjustments to be made
Terms of the agreement and payment terms
List of inventory included in the sale
Compliance with the bulk sales of the state
Any representation and warranties of the seller
Any representation and warranties of the buyer
Determination as to access to any business information
Determination as to the running of the business prior to closing
Contingencies
Possibilities of having the seller continue as a consultant
Fees, including brokers fees
Date of closing