WHEREAS, Seller wishes to sell, and Buyer has agreed to purchase, substantially all of the assets of the Business pursuant to the terms set forth herein. Arbitrator shall be an attorney with at least ten (10) years experience examining oil and gas titles in the State of Ohio.This Agreement has been executed in the English language. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Preclosing liabilities in the face of express contractual language in the asset purchase agreement to the contrary. Sample Forms from Other Courts.