Seller shall sell, assign, transfer and deliver to Acquisition all of the assets, properties, rights and business of Seller of every type and description. An asset purchase agreement is a legal document used when buying or selling a small business.Read on to understand the basics. The Asset Purchase Agreement Checklist outlines important considerations for buying or selling a business, including assets, liabilities, and contracts. In an asset purchase, the purchaser only acquires the assets and liabilities it identifies and agrees to acquire and assume from the seller. The application form describes your claim to the. Court. Suffolk's normal business practice to purchase and replace the items as a group.