Definition : Offer to purchase (promise to purchase)

Prior contract by which a promisor-buyer undertakes to acquire a property at a price, conditions and within a specified period, and this, without having the guarantee that the owner of the building will accept it. The offer to purchase (or "promise to purchase"), once accepted by the owner, is the first step that leads to the deed of sale (or purchase, depending on the point of view). When this is done through a real-estate broker, the offer to purchase must be in writing and be recorded using a mandatory form from the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ).

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