The Offer to Purchase House or Condo
The Offer to Purchase, also known as the Promise to Purchase, is an official document to use when you want to buy a house or condo.
Dear Buyers, don’t get stuck in an offer to purchase you don’t really want!
Once the offer is accepted, you can’t back out. Unless, you have conditions attached to it! Conditions can be: financing or mortgage approval, an inspection, an air quality test, reading condo documents, approving the certificate of location….
Each condition has a DEADLINE. If you do not respect the deadline as a way out, it is assumed you are ok with the conditions attached and you will be forced to buy the property.
Example: You ask for 10 days to have the house inspected. The inspector comes, you get the report, the deadline comes and goes, you say nothing, you have just accepted the results of the inspection and this condition is fulfilled. In Quebec, you have an extra 4 days after the delay to back out due to the inspection revealing something major that would have prevented you from making the offer. If you receive the report and something major shows up, you MUST alert the sellers within the delays or it will be too late. KNOW YOUR DEADLINES. So important.
Steps for the offer:
- Have your real estate broker write it up and explain it to you. You must understand what is attached to it, the deadlines, the rules, the regulations, what protects you and what protects the seller.
- There may be back and forth negotiations regarding any and all aspects of the offer like inclusions, exclusions, possession date, delays, price…
- Once the offer is accepted, there is a timeline to fulfill all conditions. Please please please make sure you respect those deadlines!
- Once you fulfill the conditions and are satisfied with the results (always within the deadlines), the next step is signing the deed of sale at the notary.
- If you are not satisfied with the results of the conditions you attached to the offer, you can cancel the offer through your real estate broker, again, respecting the crucial deadlines.
If you have any questions, need clarifying or require guidance, please contact me via email, phone or text.
Cheers and have a great day!
Monique Assouline is a Montreal Realtor selling Montreal Real Estate all over the city since 2005. Time flies. She can be reached at 514.219.5897 or firstname.lastname@example.org