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.The buyer will want to see copies of all leases, contracts, and loan agreements in addition to copious financial records and statements. 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. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller.