An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. An asset purchase agreement (APA) is a written legal document that formalizes purchasing a business or substantial commercial asset.Acquired Assets, including the name. ," all goodwill associated with the. 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. Parties and Recitals. An asset purchase agreement (APA) is a legally binding agreement used when a company wishes to buy or sell specific assets of another business. The buyers and sellers of a group of assets that make up a business use Form 8594 when goodwill or going concern value attaches. Assets included with the purchase agreement: The business's assets should be listed in the purchase agreement, specifying what is included with the sale.