Making an offer to purchase and meeting the conditions
Here are the steps to follow to make an offer to purchase:
Step 2. Before completing the form, discuss the following important points with the home seller:
- Possession date
- Date of the notarized agreement
- Deposit amount
- Conditions (financing, inspection, sale of the buyer’s property, reading of the declaration of co-ownership)
- Inclusions and exclusions
Step 3. Complete the offer to purchase and decide on an acceptance date with the seller.
Step 4. The home seller must read and respond within the specified time frame for the offer to be valid. If he or she does not respond by the agreed acceptance date, the offer to purchase is void.
Step 5. Once the offer is made, the seller has 3 options:
- Accept (the seller will notify the buyer within the agreed time frame).
- Refuse (the offer will be void).
- Make a counteroffer (the seller does not accept the offer and indicates that he/she will make a counteroffer).
Step 6. The seller provides his/her response to the offer to purchase in the corresponding clause on the form before signing the offer.
Step 7. Once his/her written decision on the offer is made, the seller asks the buyer to sign a confirmation of receipt (proof that the buyer has received the seller’s response).
Step 8. The period for completing the conditions of sale begins the day the offer is accepted.
Step 9. If all the conditions are met within the specified time frame, the offer to purchase becomes a legal and binding contract, requiring all parties to close the sale. As of this date, the seller can consider his/her property sold.
Once the offer is accepted and the conditions are met, the buyer must choose a notary to finalize the sale. The seller must provide the buyer with all deeds and property titles.
Where to find help completing an offer to purchase?
A legal advisor or a private notary can help the buyer complete his/her offer to purchase. These professionals are used to providing legal advice, are impartial, and have no vested interest in the transaction. The advice they give is objective and clear.
Visit the website of the Chambre des notaires du Québec to find a notary near you.
Make a counteroffer
A counteroffer is used to make changes to the initial offer to purchase (e.g. changes to the price, the possession date, or to certain inclusions and exclusions).
The first offer to purchase remains valid (except for the changes made) if the counteroffer is accepted within the specified time frame.
The buyer can accept the counteroffer or come back with his/her own counteroffer.
Meet the conditions in an offer to purchase
When the offer to purchase includes conditions, the buyer must meet these conditions within the time frame agreed upon with the seller. It is only when these conditions are met that the property can be considered sold.
The offer to purchase has been signed. Can I back out now?
The offer to purchase is a legally binding sales contract. Once the offer is signed, both the buyer and the seller are legally obligated to comply with their engagements. If not, they can be held accountable.