Prior to the Closing the Purchaser shall notify the State of New York of the proposed sale of assets under this Agreement. An APA spells out the conditions and terms under which a seller will transfer all of the assets that belong to the business to a buyer.This Asset Purchase Agreement ("Agreement") is made effective as of December 14,. Seller and Buyer agree to comply with the provisions of. Section 1141 of the New York Tax Law and the regulations promulgated thereunder in. 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. THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made as of this ____ day of. A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business.