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.