Lease purchase options allow businesses to lease an asset with the option to purchase it at the end of the lease term. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.An asset purchase agreement is a legal contract that outlines the terms of an agreement to transfer assets between parties. Ensure a successful asset acquisition with our detailed asset purchase agreement checklist, covering all critical steps from agreements to finalization. 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 ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into as of. Below is a general due diligence checklist with the first 8 of 16 items to cover your bases in a business or asset purchase transaction.