An APA spells out the conditions and terms under which a seller will transfer all of the assets that belong to the business to a buyer. 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.We offer the personalized and strategic counsel you need to effectively complete these transactions in Queens, Nassau and throughout New York State. This Asset Purchase Agreement ("Agreement") is made effective as of December 14,. An asset purchase agreement is a legal document used when buying or selling a small business. Read on to understand the basics. 1.2 Agreement to Purchase. As the name suggests, in an asset purchase, the buyer acquires certain assets and rights relating to a business.