An asset purchase agreement (APA) is a written legal document that formalizes purchasing a business or substantial commercial asset. The letter of intent and the Asset Purchase Agreement should identify the assets and the purchase price.An asset purchase agreement is the legal document that will govern the transfer of ownership of a business's assets from the seller to the buyer. A skilled Houston sales and purchase attorney will help you to make prudent decisions. We have decades of experience advising business owners and entrepreneurs. An asset purchase contract defines the assets and liabilities to be sold when one company purchases another. An Asset Purchase Agreement is a legally binding contract between a buyer and a seller that details the terms and conditions of the sale of a business's assets. 1. Sale And Purchase Of The Assets.