Is your business considering a significant asset purchase or sale? An asset purchase agreement is a type of contract that pertains specifically to the sale of a business or particular business assets.Seller shall sell, convey, assign, transfer and deliver to Buyer, and Buyer shall purchase and acquire from Seller, free and clear of any Encumbrances. We're going to be reviewing and going over the as is residential contract some of the best practices builds and clauses in here. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. Purchase and Sale of the Assets.