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. Buyers MUST HAVE A FULLY EXECUTED SALES CONTRACT FOR A SPECIFIC PROPERTY in order to have funds reserved or be on a waiting list.A typical APA begins with an introductory paragraph that identifies the Buyer, the Seller, and any other parties to the agreement. "Bidder" means a person who desires to make a proposal on procurement. (See "Qualified Bidder" and "Responsive Bidder"). 2. The process typically requires 120-160 days to complete (from publication of solicitation to final Supplier Contract or Purchase order). An asset purchase agreement is exactly what it sounds like: an agreement between a buyer and a seller to transfer ownership of an asset for a price.