Once you have a general agreement with the buyer, the buyer usually drafts and signs a non-binding letter of intent. An asset purchase agreement is a legal document that outlines the terms and conditions of buying or selling assets in a business transaction.Identify the parties involved in the transaction. 2. Read the entire Agreement carefully. 2. Fill in the vendor and purchaser details accurately. 3. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. An asset purchase agreement (APA) is a legal document that serves as a framework for how business assets will be transferred from the seller to the buyer. Provide indepth details about the sale. Detail all the tangible assets and assumed liabilities included and any exclusions if relevant.