You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets. In an asset sale, the new owner purchases the business's physical assets.The seller retains all rights to the legal entity. This contract is a legally binding document outlining the terms and conditions for the sale of a business and its assets. Our law firm concentrates on business transactions involving Asset Purchase Agreements and commercial real estate. Discusses all of the key documents you need to buy or sell a business, including the principal transaction agreement and common ancillary documents. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.