The agreement will detail the specific assets being transferred. What is an asset purchase agreement?An asset purchase agreement sets out the terms and conditions relating to the sale or purchase of a company's assets. Establish terms for sale and purchase of an asset. Identify the parties involved in the transaction. 2. Set it up as a template. Use and store this free template to specify obligations between sellers and buyers. From drafting to signing, Contractbook is with you every step of the way. Seller shall sell and convey and Purchaser shall purchase the property, together with all buildings and improvements thereon (collectively the.