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. The applications must be filed in paper form with a cover letter stating that the application is for registration as a Finder.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. This article discusses the elements of buying or selling a small business in Texas, whether the business is focused on real estate or otherwise. Parties and Recitals.