Form agreement for the purchase and sale of all or substantially all of the assets of a private Texas corporation, drafted in favor of the buyer. 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.A Texas Business Purchase Agreement will help transfer business ownership and outline the terms of the sale. Drafting Asset Purchase Agreements: Standard (and Not-So-Standard) Clauses. An Asset Purchase Agreement is a contract for the purchase of some of a business' specific assets, in which the terms of the sale are set out. Useful clauses and boilerplate to help you prepare agreements more quickly, together with associated drafting notes.