Ontario Offer to Purchase Restaurant Assets

Purchase the assets and property of a restaurant in Ontario with this downloadable Offer to Purchase Restaurant Assets.

• Once the seller has accepted the offer in writing, it becomes a legally binding agreement of purchase and sale between the parties.
• On closing, the buyer will pay the seller the value of liquor, food and beverages on hand, valued at either cost or net realizable value, whichever is lower.
• The buyer is not required to purchase inventory older than two months or inventory which is unsaleable or unusable.
• The buyer is responsible for remitting the GST applicable to the sale. The buyer will also pay retail sales tax on the purchased assets.
• The seller will give the buyer reasonable access to the premises, books and records of the business to enable the buyer to conduct its due diligence investigation.
• The agreement contains the standard representations and warranties of each party.
• The seller agrees not to carry on or be involved with a competing business within 10 miles of the restaurant premises, and not to solicit customers or employees from the business.