An asset sale is a common method for transferring business ownership. The purchase and sale agreement for the business entity or assets is a vital document.Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction. This Asset Purchase Agreement (the Agreement ) is made as of the 22nd day of February,. Use a California business purchase agreement to record the sale of a business. Download your free template today. An Asset Purchase Agreement (APA) is a legally binding contract that outlines the terms and conditions of a business sale or acquisition. An asset purchase agreement documents the terms of the sale of business assets from a seller to a buyer. Successor liability refers to the legal responsibility that a buyer assumes for certain obligations and liabilities of a seller when acquiring a business.