An APA, or Asset Purchase Agreement, is a contract in which a buyer and seller agree to the transfer of ownership for an asset at an agreed price. ASSET PURCHASE AGREEMENT from PREMIER EXHIBITIONS, INC.Filed with the Securities and Exchange Commission. Proper identification of the property, including the legal description and title reference. Identify the parties involved in the transaction. 2. The most important document in an asset deal is the Asset Purchase Agreement (the "APA"). In this article, I will discuss the key provisions of an APA.