2. Object of the promise to purchase
The object described in the mandatory Promise to purchase form contains three elements: the description of the immovable to which the buyer’s offer relates, the price offered, and the fact that the buyer is using the services of another person to carry out the proposed transaction. The real estate broker is therefore a key element of the undertaking by the parties.
The promise to purchase is a contract whose object is the undertaking by a buyer to purchase a clearly designated immovable, and the undertaking by the seller to sell this immovable when he accepts the promise to purchase presented to him. The buyer promises to purchase the immovable at a price and under various conditions set out in the promise to purchase through the intermediary of a third party, i.e. a real estate broker, who is also identified in the promise to purchase.
A real estate broker can act on his own account or as a representative of an agency. In the latter case, he may also have chosen to carry out his professional activities within a corporation. This statutory information, i.e., his name and licence number and, if applicable, the name of the agency he represents and that of his corporation, must appear in the promise to purchase.
The broker must enter the minimum information needed to identify himself in the form by using the information that appears on his licence and by checking the appropriate boxes.
