This guide provides the steps to create a purchase order that will generate an asset record in the Asset. In an asset purchase, the purchaser only acquires the assets and liabilities it identifies and agrees to acquire and assume from the seller.In an asset sale, the business itself sells all of its assets (cash accounts, inventory, accounts receivable, contract rights, licenses, customer lists, real. Purchase Agreement: A legally binding document detailing every aspect of the sale. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations. Download Minnesota Asset Purchase Agreement template, modify and send for signing using BoloForms Signature. In an asset purchase, the buyer purchases only the seller's assets, instead of acquiring control of the entity as a whole. You must search for undisclosed tax liens before completing a purchase agreement.