Offer to Purchase Restaurant Assets (Ontario)

Purchase the assets and property of a restaurant in Ontario with this template Offer to Purchase Restaurant Assets. Upon written acceptance of the Offer by the seller, it constitutes a binding agreement of purchase and sale between the parties. Other provisions of the Offer to Purchase include:

• 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 purchase price does not include GST. The buyer is responsible for remitting the GST applicable to the sale. The buy 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.

This Ontario Offer to Purchase Restaurant Assets is available in MS Word format and is completely customizable to fit your circumstances.