An asset purchase agreement (APA) is a written legal document that formalizes purchasing a business or substantial commercial asset. 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.Our business and real estate attorneys are experienced in drafting and negotiating complex letters of intent and business purchase and sale agreements. A skilled Houston sales and purchase attorney will help you to make prudent decisions. We have decades of experience advising business owners and entrepreneurs. 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. This article discusses the elements of buying or selling a small business in Texas, whether the business is focused on real estate or otherwise. There are generally three ways to sell your business: 1) assets, 2) stock purchase, and 3) bootstrap.