But this is not all. An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets.The annual inventory, through physical observation where applicable, of assets in the Tarrant County. To record the purchase of a fixed asset, debit the asset account for the purchase price, and credit the cash account for the same amount. Fixed Assets Physical assets such as property (i.e. , public or real), plant and equipment. WHEREAS, Purchaser desires to purchase from Seller substantially all of the assets of. All personal property purchased or acquired are assets of the university. Asset purchases occur between a seller and buyer of a company's assets, including facilities, vehicles, equipment, stock, and inventory. Forth in the information fields numbered one (1) through ten (10) inclusive in the Mortgage Loan.