This guide will break down the ins and outs of asset purchase agreements for multiple owners, making this complex legal topic more digestible and actionable. An asset purchase agreement is a legally binding contract between a buyer and a seller outlining the terms of transferring assets.Download Illinois Asset Purchase Agreement template, modify and send for signing using BoloForms Signature. When a bulk sale occurs, the purchaser or transferee must file (and the seller or transferor may file) Form CBS-1, Notice of.