With the leased equipment, you need to decide if you want to (and can) assume the lease and, if so, what are the terms of the lease. An asset purchase agreement is a legal document used when buying or selling a small business.Read on to understand the basics. Leases is an extensive subject that covers a variety of topics, including vacancy leases, renewal leases, security deposits, roommates, subletting, and more. 1.2 Agreement to Purchase.