The promise to purchase is the materialization of falling in love with a property. After days, weeks or months of searching, the promise to purchase brings prospective buyers closer to the reality of their first purchase or life project.<\/p>\n
To help you in your buying process, our realtors in Joliette<\/a> explain everything you need to know to write a good offer and put all the chances on your side.<\/p>\n An offer to purchase, also called a promise to purchase<\/b><\/strong>, is a legal proposal that commits you to purchase a property. It can either be oral or written in the form of a document. After the offer is made and accepted, the buyer is entitled to pay for a pre-purchase inspection<\/a>.<\/p>\n Before making a promise to purchase, first-time home buyers<\/u><\/a>\u00a0are advised to learn about the property to be purchased, the procedures and possibilities for representation, as well as the market value of the property<\/u><\/a>.<\/p>\n It all depends on the situation:<\/p>\n Keep in mind that the drafting of the offer to purchase is a painstaking task and an incorrectly completed document can render the process null and void. In addition, the difficult communication between the buyer and seller explains why an intermediary such as a real estate broker, who specializes in drafting offers to purchase, should also be involved.<\/p>\n Should you not wish to hire them, you can contact lawyers who specialize in protecting you during the entire transaction.<\/p>\n Since the drafting of the promise to purchase can become a source of conflict, the collaborating broker (linked to the buyer) will carry out all the verification and management procedures.<\/p>\n First, if the seller is not represented by a registered broker, the agent will make inquiries about the seller. The agent will check the seller’s identity, credentials and psychological background.<\/p>\n Next, the broker will inquire about the property. They will make sure that the surface area and the lot number match those registered by the seller. This information must correspond to the land registry.<\/p>\n Only the seller can adopt the legal warranty of quality<\/a>. This document ensures that if the buyer discovers a hidden defect after the purchase, only the previous owner can be held responsible. In the absence of this warranty, the future buyer will be responsible for the entire condition of the house, whether the defects were present before the purchase or not. This is why sellers prefer to sell without a warranty.<\/p>\n The broker will therefore inquire about the application of this warranty to ensure that the information is correct and advise the client in making a decision.<\/p>\n Is special financing required? Is there a down payment, a mortgage? Or even taxes to consider?<\/b><\/strong>\u00a0These are all questions that need to be clarified before the promise to purchase is drawn up to guide buyers on their financing capabilities.<\/p>\n The other role of the real estate broker<\/u><\/a>\u00a0is to ensure that the conditions of sale are accurate. Especially since these will play a role in the final real estate transaction.<\/p>\n The broker will ensure:<\/p>\n The conditions of sale require a certain amount of expertise. This is why it is so important to choose the right real estate agent<\/u><\/a>\u00a0to represent you before starting the process.<\/p>\n Before the offer to purchase is made, the broker will ask how long a promise to purchase is valid. With this knowledge, the broker will ascertain the withdrawal time for the buyer and the limit before the seller withdraws to cancel an offer to purchase and accept a counteroffer.<\/p>\n Once the broker has gathered all the information on behalf of the buyer, they can begin to write the offer. <\/b><\/strong><\/p>\n You can also find a promise to purchase template<\/u><\/a>\u00a0that is valid in Canada through the Organisme d’Autor\u00e9glementation du Courtage Immobilier du Qu\u00e9bec (OACIQ<\/u><\/a>).<\/p>\n When drafting the offer, your broker will gather, together with the listing broker, the items mentioned above. They will also agree on other conditions including:<\/p>\n Once the promise to purchase has been drafted, dated and signed, the collaborating broker will submit it to the listing broker to be transmitted to the seller.<\/p>\n In the case where the promise to purchase is drafted by a representative, the buyer must wait for the response of the listing broker in order to know the seller’s final decision. A promise to purchase will be finalized when it is accepted by the seller. The deed of sale must then contain all the conditions accepted by the parties.<\/p>\n The buying and selling process depends on communication between the two parties. This is why it is recommended to work with a real estate broker. The professionals at Courtier Immobilier Lanaudi\u00e8re<\/u><\/a>\u00a0are at your disposal to guide you and make a successful purchase.<\/p>\n With unmatched knowledge on the market of <\/b><\/strong>homes for sale in Lanaudi\u00e8re<\/b><\/u><\/strong><\/a>, we are the number one choice for helping you make your purchase in the Lanaudi\u00e8re region a reality. <\/b><\/strong>Contact us now<\/b><\/u><\/strong><\/a>\u00a0and tell us about your project!<\/b><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The promise to purchase is the materialization of falling in love with a property. After days, weeks or months of searching, the promise to purchase brings prospective buyers closer to the reality of their first purchase or life project. To help you in your buying process, our realtors in Joliette explain everything you need to […]<\/p>\n","protected":false},"author":10,"featured_media":170421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"coauthors":[232],"class_list":["post-170427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nWhat is a promise to purchase?<\/h2>\n
Who can fill out a promise to purchase form?<\/h2>\n
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What does a real estate broker check before drafting a promise to purchase?<\/h2>\n
Background check on the seller<\/h3>\n
Lot and property verification<\/h3>\n
Verification of the legal warranty of quality<\/h3>\n
Clarifying payment terms<\/h3>\n
Detailing the terms of sale<\/h3>\n
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Verification of the offer deadlines<\/h3>\n
How to prepare a promise to purchase with a real estate broker<\/h2>\n
1. Discuss the points and build the file<\/h3>\n
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2. Wait for the seller to respond<\/h3>\n
Contact Courtier Immobilier Lanaudi\u00e8re for your promise to purchase<\/h2>\n