An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets. This guide will break down the ins and outs of asset purchase agreements for multiple owners, making this complex legal topic more digestible and actionable.Contact Davis Business Law for a lawyer to buy or sell your business in Dallas, TX. From mergers to asset purchases, we've got you covered. An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. Dated September 12, 2013. between.