Upon Closing, Buyer will be responsible for acquiring and maintaining appropriate insurance for the protection of the Acquired. In an asset sale, the new owner purchases the business's physical assets.The seller retains all rights to the legal entity. Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. By the terms of an Asset Purchase Agreement, the Taxpayer purchased the business assets of an asphalt company in Virginia (the "Seller"). A purchase intending to buy all of a company's assets must conduct a thorough inventory in advance of purchase. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. 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.