Other than the Excluded Assets, Seller shall sell, transfer, convey, assign and deliver to Buyer, and. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.Our law firm concentrates on business transactions involving Asset Purchase Agreements and commercial real estate. I uploaded a simple asset purchase agreement to Docracy and thought I'd share it here. I drafted it with very small businesses in mind. Read about the legal terms and disclosures you must add to an Illinois real estate purchase agreement. Learn what required information you must include. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity.