Download Illinois Asset Purchase Agreement template, modify and send for signing using BoloForms Signature. You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets.All Contracts and contract rights of Seller relating to the Acquired Assets or the. The agreement must be written. No oral agreements will be eligible in a court of law. Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction. An Asset Purchase Agreement is a legal contract that dictates the terms of purchasing and selling a business or franchise.