An asset purchase agreement (APA) is a written legal document that formalizes purchasing a business or substantial commercial asset. 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.The letter of intent and the Asset Purchase Agreement should identify the assets and the purchase price. 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. Both the buyer and seller must complete IRS Form 8594 during the sale to report the sale and purchase of business assets. THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made and entered into as of. Call The Byrd Law Firm's Houston attorneys for the legal representation you need. Assets included with the purchase agreement: The business's assets should be listed in the purchase agreement, specifying what is included with the sale.