An asset purchase agreement (APA) is a written legal document that formalizes purchasing a business or substantial commercial asset. The letter of intent and the Asset Purchase Agreement should identify the assets and the purchase price.Prepare escrow instructions according to the terms and conditions of the purchase agreement. We react quickly to your needs. In most cases, we can review your escrow agreement and open the escrow account on the very same day. An asset purchase agreement (APA) is a legally binding agreement used when a company wishes to buy or sell specific assets of another business. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.