An asset purchase agreement is a legally binding contract between a buyer and a seller outlining the terms of transferring assets. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset.This page explains how property is divided in a divorce, including real estate, personal property, and retirement accounts. Performed prior to the closing in Articles 5 and 6 and from the conditions to the parties' obligations to complete the acquisition in Articles 7 and 8. I put together an entire series of videos explaining every form that is involved in your real estate purchase or sale of the property.