Essential provisions

The offer to purchase is an important step in any real estate purchase. To be valid, it must include a number of mandatory information, on pain of nullity. Thus, it must include the names of the parties involved, the identification of the coveted building and the purchase price offered.

 

 

It should also contain the following information:

  • The name and family name of the purchaser and the vendor;
  • The description of the apartment (the address and the cadastral description);
  • The identification (if relevant) of the private parking and storage areas and their cadastral descriptions;
  • The superficial area of the private portions; 
  • The identification and the ID number (if relevant) of the parking and storage spacesallocated as common portions for restricted use;
  • The purchase price offered and,( if relevant), the terms of payment;
  • The amount of the deposit;
  • Your intention or not to ask for a hypothecary loan to finance your purchase, and the information related to this loan;
  • The movable property or items included in the sale’s price (for example: appliances, curtains and light fixtures);
  • The rented appliances or devices;
  • The conditions precedent (suspensive conditions);
  • The date of taking possession of the unit;
  • The scheduled date for the signing of the deed of sale;
  • The name of the notary before which the deed of sale will be signed;
  • The period of validity of the offer to purchase, and the date and the hour at which it will become null and void;
  • The terms and conditions of the seller's reply (for example: delivery by hand ) and the buyer's acknowledgment of receipt .

 

WHAT YOU SHOULD KNOW!  It is common knowledge when an offer to purchase is presented, that the sale’s price is negotiable. To improve your chances that your price will be accepted, you should present an offer for a lesser amount than the maximum amount you wish to pay.

WHAT TO KEEP IN MIND: Once the offer to purchase accepted by the seller, there is a formal commitment binding the parties. Once all conditions fulfilled, the deed of sale can then be signed.

 WARNING! Before submitting an offer to a vendor, it is in the purchaser’s best interest to read carefully each clauses of the document  to grasp its  scope and understand what it implies. Consequently, to make an informed decision, it is recommended to be assisted by a real estate broker or a notary with experience in co-ownership Law.

 

Return to the super file Offer to Purchase