Determining and managing deadlines on promise to purchase forms can sometimes cause a headache, especially when several prospective buyers are concerned and a 72-hour notice comes into play. Familiarize yourself with the use of Annex R, which is supplementary to these forms. Learn how to use the clauses of this annex wisely, prepare and send notices and make the required follow-ups. Thus you will reduce the risk of misunderstandings between the parties and help ensure the smooth running of transactions.
Complete Annex R – Residential immovable with accuracy
Advise a client on the notification process
Correctly interpret all the clauses in order to minimize the risk of disputes
Drafting and presenting a promise to purchase conditional upon the sale of an immovable
The promise to purchase is accepted
A second promise to purchase comes into play
Clause R2.4, the wait
Clause R2.5, the remuneration
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The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act.