Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. Asset purchase agreements are a useful way to: Carve out certain assets of a business without taking on liabilities or debt obligations.This Comprehensive Asset Purchase Agreement (the "Agreement") is made and entered into on the ___ day of. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. The buyer will want to see copies of all leases, contracts, and loan agreements in addition to copious financial records and statements.