Drafting a purchase agreement for buying or selling a business in Texas is a critical step to ensure a smooth transaction. An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer.A Texas Business Purchase Agreement will help transfer business ownership and outline the terms of the sale. An asset purchase agreement (APA) is a written legal document that formalizes purchasing a business or substantial commercial asset. This article discusses the elements of buying or selling a small business in Texas, whether the business is focused on real estate or otherwise. 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. A business sale agreement is a legal document that describes and records the price and other details when a business owner sells the business.