The Asset Purchase Agreement Checklist outlines important considerations for buying or selling a business, including assets, liabilities, and contracts. An asset purchase agreement is a legal document used when buying or selling a small business.Read on to understand the basics. In an asset purchase, the purchaser only acquires the assets and liabilities it identifies and agrees to acquire and assume from the seller. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. Apply for the Supplemental Nutrition Assistance Program (SNAP) to help buy healthy food for you and your family when money is tight. • Prepares an Asset Disposition Form if the asset to be purchased is funded in a. Replacement Capital Outlay account.