1. THE PRESENTATION OF THE PROMISE TO PURCHASE
If the promise to purchase comes from another broker, we will contact you immediately to arrange a meeting. Even if the time is not very opportune, it is better to meet as soon as possible to get acquainted with the contract. Often, promises to purchase impose a response time.
2. THREE OPTIONS ARE AVAILABLE TO YOU
- Accept the promise to purchase as is.
- Make a counter-offer to the promise to purchase to propose conditions that are more acceptable to you: price, inclusions and exclusions, closing date, etc.
- Refusing the promise to purchase In most cases, this is not recommended. Ongoing negotiations are more effective in resolving differences.
3. SUBMISSION OF THE PROMISE TO PURCHASE
The law requires that a copy of all documents be signed and given to the seller, the buyer and their respective brokers.
4. FINALIZATION OF ALL CONDITIONS
4.1 THE INSPECTION
The purchaser may, at his own expense, hire a professional home inspector to conduct an inspection of the property. An appointment to this effect will be made with you to proceed with the inspection. This must be done within the time frame set out in the promise to purchase, which is normally 5 to 10 days after acceptance of the promise to purchase.
The lender will check the buyer’s credit and employment status and determine whether he is able to make the necessary monthly payments. Since your home will represent the mortgage lender’s guarantee, the financial institution will call on a chartered appraiser to visit it to assess whether its value is sufficient to secure the buyer’s loan. Once all the information has been received, the lender will decide to accept or refuse the loan.
4.2 MORTGAGE FINANCING
Most of the time, the promise to purchase will stipulate that it is conditional on obtaining proof of mortgage financing. The buyer will have to apply as soon as possible and provide you with a letter of commitment from his lender, within the time limit stipulated in the promise to purchase.
5. DELIVERY OF THE PROPERTY TITLES AND SIGNING OF THE DEED OF SALE
After all conditions have been met, we will forward your title deeds to the notary who is usually chosen by the buyer. The exact date and time of the signing of the deed of sale will be determined by the notary. We will be present at the signing of the deed to protect your interests and to ensure that everything goes according to what has been agreed upon between the parties.
The keys will be given to the buyer at the time of signing the deed of sale or at the date agreed upon in the promise to purchase for taking possession of the property.
6. OUR RESPONSIBILITIES
Our responsibilities will only end when the transaction is concluded. We will monitor all stages of the sale to keep you informed of developments. We will collaborate with the various parties involved throughout the transaction to ensure that the sale of your property is completed as quickly as possible and under the best possible conditions, all to your complete satisfaction.