The offer to purchase is an important step in any real estate purchase. The Civil Code of Québec does not exhaustively specify the mandatory content ofan offer topurchase. However, the unequivocal will for the buyer to acquirethe property must be registered. Tobe valid, it must include a certain number of mandatory information, under penalty of nullity. The main mentions are the names and contact details of the parties involved, the identity of the targeted building and the purchase price that the purchaser proposes and the period of validity of the offer. It is also possible to insert various optional clauses in the offer to purchase to deepen the conditions of this one.
The offer to purchase must contain the following information:
A good offer to purchase should contain all the information relevant to the transaction. The more precise it is, the less room for interpretation, which means less risk of conflict between the parties. This is why the presence of a real estate broker to assist you in such a transaction will make the difference. His intervention will allow the use of the Promise to purchase - Divided co-ownership form of the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ).
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.
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