Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. REAL PROPERTY: Purchaser agrees to buy and Seller agrees to sell the land and all improvements thereon located in the. Virginia Asset Purchase Agreement Template. When you're involved in buying or selling a business's assets, make sure to utilize an asset purchase agreement.