A Letter of Intent (often referred to as a LOI), is a nonbinding proposal, made to the Seller of what an offer from the Buyer might look like. 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.Seller has made available to Buyer accurate, correct and complete copies of all Real Property Leases and all amendments thereto. ASSET SALE AND PURCHASE AGREEMENT from FURRS RESTAURANT GROUP INC filed with the Securities and Exchange Commission. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.