Identify the parties involved in the transaction. 2. How do I create a Business Purchase Agreement?All liabilities and obligations arising out of operation of the Business or the use or ownership of the Acquired Assets from and after the Effective Time. A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business. Our commercial property solicitors deal with all aspects of asset purchase agreements (APAs) and can act for either buyers or sellers of commercial property. An asset purchase agreement is a legally binding contract between a buyer and a seller outlining the terms of transferring assets.