Ensure a successful asset acquisition with our detailed asset purchase agreement checklist, covering all critical steps from agreements to finalization. An APA is a legallybinding contract between a buyer and seller that finalizes the terms and conditions of an acquisition.An APA not only describes the assets to be purchased but also important details like price, warranties, and breach of contract. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. How do I fill this out? 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.