An asset purchase agreement is a legal document that outlines the terms and conditions of buying or selling assets in a business transaction. Identify the parties involved in the transaction. 2.How to fill out the Agreement of Purchase and Sale of Business Assets? 1. Read the entire Agreement carefully. 2. Business assets are not considered legally transferred without a properly executed Business Purchase Agreement between the seller and purchaser. Schedule 1.1(b) describes each retransmission consent agreement, advertising sales representation agreement, circuit agreement, lockbox agreement, billing. A Sale of Business Assets Agreement is a contract that covers the sale and purchase of tangible and intangible assets of a business. Once you have a general agreement with the buyer, the buyer usually drafts and signs a non-binding letter of intent.