Taxable personal property includes property used for commercial, industrial, agricultural purposes and manufactured housing. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.Real Estate Transaction Form – Use this to provide the Chancellor the information needed to purchase real property. 3. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Establish terms for sale and purchase of an asset.