Promise to Purchase

The following are the major elements of a Promise to Purchase.

• Price - depending on local market conditions, the price you offer may be different from the seller's asking price. (Usually it will be lower - we can advise you of the appropriate starting bid).
• Deposit - shows good faith and will be applied against the purchase price of the home when the sale closes. We can advise you of the appropriate amount. Note that if the offer becomes null and void you are entitled to your deposit back. The seller does not get to keep it.
• Conditions - these may include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property".
• Inclusions & Exclusions - these might include appliances, certain decorative items such as window coverings, garage door openers, etc.
• Closing & Possession Date - the closing date is the date the title is legally transferred and the funds are paid by the buyer to the Notary in trust. However, in Quebec there is a 2-3 day's delay before the funds will be disbursed to the seller. We usually arrange for the occupancy to take place 2 or 3 days after the closing, to allow the seller to receive his money before moving out. Arranging the signing and occupancy dates can sometimes be quite complicated, especially when there are several sales in a row depending on the funds from one sale being required for the next purchase, etc. This is where you need us to help!

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