Glossary · People and paperwork
In short
A legally binding contract detailing the terms and conditions of a business sale, including the purchase price, assets being transferred, and closing date. This document is central to the transaction.
The sales agreement, often an Asset Purchase Agreement (APA) for SBA loans, is the foundational document for your acquisition. Ensure it clearly defines what you are buying, any liabilities you are assuming, and all contingencies. Your legal counsel must review this thoroughly.
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.
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