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    Ontario Offer to Purchase Restaurant Assets


    You can easily write an offer to buy the assets and property of a restaurant with this downloadable template Offer to Purchase for the Province of Ontario.

    • The offer becomes a legally binding agreement of purchase and sale once it has been accepted by the seller.
    • 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 an agreed proximity to the restaurant, and will not solicit customers or employees from the business.
    • The Offer to Purchase form is intended for use within the Province of Ontario, Canada.
    Download Type: Microsoft Word
    Last Updated: 31-July-2018
    SKU: 8352
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    Ontario Schedule to Asset Purchase Agreement for Restaurant


    Attach this Schedule to an Asset Purchase Agreement for the assets of a restaurant business in the Province of Ontario.

    • The seller must comply with the requirements of the Ontario Bulk Sales Act.
    • Procedure for transferring the liquor license to the purchaser.
    • The seller warrants that the employees are not represented under a collective bargaining agreement.
    • Conditions of the purchaser for closing the transaction.
    • Representations and warranties of the seller.
    • Disclosure of revenues, expenses, contracts and business information.
    • Assignment of service contracts and leases, trade names, signage and phone numbers from the seller to the purchaser.

    The Schedule to Asset Purchase Agreement for Restaurant covers the special conditions that apply when purchasing restaurant assets under Ontario provincial laws.

    Canada Letter of Intent to Purchase Business Assets


    Negotiate the purchase of a Canadian business with this Letter of Intent to Purchase Assets of Business template for Canada.

    • A letter of intent is not a legal contract, except for certain provisions such as confidentiality clauses which prohibit either party from disclosing any confidential information belonging to the othe rparty.
    • The buyer is offering to purchase all of the assets and goodwill of the business from the seller.
    • If the parties fail to execute a formal Purchase & Sale Agreement within a specified number of days, the letter of intent will expire.
    • If the seller fails to go through with the transaction for no reason, the seller agrees to pay the buyer's costs and a specified amount as liquidated damages.
    • This template LOI can be used in any Canadian province or territory.

    A signed letter of intent signals to other interested parties that you're already in negotiations to buy the business. Download the template and get it in writing now.