An APA, or Asset Purchase Agreement, is a contract in which a buyer and seller agree to the transfer of ownership for an asset at an agreed price. Identify the parties involved in the transaction. 2.In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. This guide will break down the ins and outs of asset purchase agreements for multiple owners, making this complex legal topic more digestible and actionable. The contract will state the date at which the final transfer of ownership and possession of the business will occur, and when the seller will get the money. I drafted it with very small businesses in mind. It's structured as a bill of sale and assumption agreement to make it easy for do-it-yourselfers to use.