An Asset Purchase Agreement (APA) is a legally binding contract that outlines the terms and conditions of a business sale or acquisition. A contract for deed involves the seller financing the property purchase as an alternative to conventional mortgages, benefiting both parties.An APA, or Asset Purchase Agreement, is a contract in which a buyer and seller agree to the transfer of ownership for an asset at an agreed price. An asset purchase agreement is a legal contract that outlines the terms of an agreement to transfer assets between parties. Such assets should be clearly identified in the asset purchase contract. This Asset Purchase Agreement (the Agreement ) is made as of the 22nd day of February,. Use a California business purchase agreement to record the sale of a business. Download your free template today.