Definition : Preliminary contract (promise to purchase) - Deposit

An amount paid in advance by the purchaser to the developer or to the notary, at the signing of the preliminary contract or before the signing of the deed of sale, which shall be deducted from the sale’s price.

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Building a condominium requires major investments on the part of a developer. This is the reason why a down payment will be required upon signing the preliminary contract for the desired condo unit. The Civil Code of Quebec provides that “any amount paid on the occasion of a promise of sale is presumed to be a deposit on account of the price, unless otherwise stipulated in the contract”.This down payment, which represents the first installment to the seller, varies according to the unit’s total price.  
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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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