Purchase Agreement
The binding contract that sets price, structure, assets or stock conveyed, reps, and closing conditions.
Last updated September 5, 2026
The purchase agreement (APA for assets, SPA for stock) replaces the LOI as the operative deal document. It defines exclusions, working-capital math, indemnities, non-competes, and what happens if a condition fails. Brokers do not typically draft the final agreement; attorneys do. Nothing in a listing or CIM overrides a signed purchase agreement.