Business owners who want to sell and transfer certain assets need an experienced lawyer to draft the agreement and protect their interests. An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets.Drafting a purchase agreement for buying or selling a business in Texas is a critical step to ensure a smooth transaction. The closing of the sale and purchase of the Assets (the "Closing") shall take place and be effective as of the date of this Agreement. A business purchase agreement is a legal contract specifying terms for buying or selling a business, including conditions and obligations.