Promise to purchase
Context of use of the form
A promise to purchase must describe the buyer’s intention as accurately as possible, by setting out the conditions under which he intends to contract with the seller. The buyer thus undertakes to purchase the property from the seller at the price and under the conditions indicated in the promise to purchase. If the seller accepts the promise to purchase, he undertakes to sell his property (probably subject to certain conditions) to the buyer.
This section of the guide reviews the provisions of the form Promise to purchase – Chiefly residential immovable containing less than 5 dwellings excluding co-ownership, published by the OACIQ, which the broker must use when preparing a promise to purchase for this type of immovable. As indicated in the header note, this form does not constitute a preliminary contract as required by the Civil Code of Québec when this type of immovable is sold by a builder or a developer.
The form to be used for the purchase of an immovable held in divided co-ownership is not discussed in this guide.
For more information: Professional Practices Guide – Divided co-ownership: Use of mandatory and recommended forms and Sale or purchase of a new construction: Rules to follow
