Upon Closing, Buyer will be responsible for acquiring and maintaining appropriate insurance for the protection of the Acquired. 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. Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. Before filling in the details of your real estate purchase agreement, identify the state where you will execute the contract. Buying or selling company assets? Use this Asset Purchase Agreement to finalize the terms of the transaction. 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.