Glossary · People and paperwork
In short
The primary legal contract outlining the terms and conditions of the business acquisition, including purchase price, assets being bought, and closing contingencies. This is the cornerstone of your deal.
This document, also known as a Purchase Agreement or Asset Purchase Agreement, is thoroughly reviewed by your lender and legal counsel. It must clearly define the assets and liabilities being transferred, allocate the purchase price, and specify conditions precedent to closing, aligning with SBA requirements.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
Know what you'll need before you apply
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
Free · No documents · Usually same-day