Our New Jersey business transaction attorneys are experienced in representing buyers and sellers in the purchase and sale of businesses or their assets. In an asset purchase, the buyer agrees to purchase specific assets and liabilities.This means that they only take on the risks of those specific assets. Authorizations to Seller, then the purchase and sale of the Station Assets shall be rescinded. In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. 1 Bill of Sale and Assignment.