Essential provisions

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. 

Content

The offer to purchase must 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 .

Form

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.

Return to the super file Offer to Purchase