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,.An asset purchase agreement is a legal document used when buying or selling a small business. Read on to understand the basics. The Office of the City Register records and maintains New York City real property and certain personal property transfer records, such as mortgage documents. Seller is fully liable for all warranties and representations made to. SONYMA in the Mortgage Purchase Agreement.