Definition : Suspensive condition

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The preliminary contract is signed before the purchase of a new or to be built property. To be enforceable, a preliminary contract must, contain the designation of the parties, the identification of the targeted immovable and the price offered.
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When the time comes to sign an offer to purchase, certain elements of the sale may be outside your control. This happens when you must sell your present residence or if you must obtain a hypothecary loan before purchasing the new property. There are other intangibles, such as not having the information on hand to carry out a due diligence verification before the purchase.
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