Many Buyers will require that a sale be structured as an Asset Purchase in order to avoid responsibility for prior liabilities or expenses of the business. What provisions should be in the purchase agreement?Use a California business purchase agreement to record the sale of a business. Download your free template today. Title. Seller shall execute and deliver to Escrow Holder a Quitclaim Deed, in a form supplied by. SacSewer, conveying title to the Subject Property to Buyer. Identify the parties involved in the transaction. 2. An asset purchase agreement is a legal document that outlines the terms and conditions of buying or selling assets in a business transaction. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.