Here we explore just a few of the common provisions that an asset sale agreement for a business will include in its terms. At a bare minimum, a binding purchase agreement for real estate in Michigan must be in writing and must include all of the following essential terms:.A business sale transaction can take several forms: (1) sale of assets, (2) sale of stock, (3) merger, ( 4) consolidation, or (5) share exchange. 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. Personal Property Purchaser may elect to complete the purchase and sale and reserve any right to recover any damages arising out of the defect in title. I'm gonna break down all the terms and conditions so you can understand what it means and we're gonna fill that out so you can have a real-life example of it.