Promise to purchase
Since July 1, 2012, the seller’s broker or agency may instruct the notary to pay directly the buyer’s broker or agency from the proceeds of the sale.
Good professional practices dictate, among other things, that an agent should discover and disclose any unfavourable factor related to an immovable in order to inform the buyer. To do so, he must question the seller and inform him of his obligations.
Special requirements on the part of the seller and obligation to present any promise to purchase as soon as possible
Sometimes a seller may have particular requirements regarding the timing for submitting promises to purchase to him regarding an immovable for sale. For example, a seller may want to consider all promises to purchase at the same time, on a predetermined date.
It is more and more common for deposits on real estate transactions, residential or otherwise, to be made by electronic funds transfer.
It is quite frequent for a buyer to wish to make his promise to purchase more attractive (for example by increasing the amount offered) in order to improve his chances of it being accepted. This can happen, among other things, in situations where several promises to purchase are being presented simultaneously.
Apart from the risk of explosion due to solvents used in making marijuana oil, or fires caused by electrical malfunctions, a high rate of humidity maintained over long periods is the main cause of damage to a building. High humidity rates cause building materials to rot and moulds to proliferate.
The deposit according to clause 4.2 of the promise to purchase
A real estate broker or agent entrusted with the sale of a co-owner’s share in an undivided co-ownership property must know that the other co-owners have the right to exclude a potential buyer.
Our Info ACAIQ Telephone Information Centre frequently answers questions pertaining to the legality of a practice that seems to be growing, i.e. that of indicating on the detailed description sheet the fulfilment deadline of the conditions contained in a promise to purchase that has been accepted by the seller.
Using the ''Counter-Proposal to a Promise to Purchase'' to respond to a Promise to Purchase or a Counter-Proposal
The mandatory form entitled “Counter-Proposal to a Promise to Purchase” has the advantage that it can be used by both the seller and the buyer, though its name can suggest that it can only be used to reply to a promise to purchase. In fact, it is also used to notify the other party that their “Counter-Proposal to a Promise to Purchase” has been refused and to submit a new proposal.