The Promise to purchase is a form used by the broker representing a prospective buyer to notify you of his client’s desire to purchase your property under certain clearly defined conditions.
Your broker must use one of the Promise to purchase forms published by the OACIQ for this purpose:
Promise to purchase – Chiefly residential immovable containing less than five dwellings excluding co-ownership
Promise to purchase – Undivided co-ownership – Share of a chiefly residential immovable held in undivided co-ownership
Promise to purchase – Divided co-ownership – Fraction of a chiefly residential immovable held in divided co-ownership
Promise to purchase – Mobile home situated on leased land
A Promise to purchase is an offer from a potential buyer. You may receive several promises to purchase. In that case, your broker must present these offers to you as soon as possible after they are received, and inform the other brokers or potential buyers of the existence of any new promise to purchase, but without disclosing the content thereof. During this process, you may receive an enhanced offer from one of the buyers who have already submitted a Promise to purchase. As long as the initial offer is not accepted, expired or refused, a potential buyer may amend his offer to make it more attractive! Learn more on this by reading the article Receipt of several promises to purchase.
These are the main clauses of the Promise to purchase to which your broker will pay close attention. Make sure you understand them and don’t hesitate to ask for clarification.