As a seller, you have a right to accept or refuse any Promise to purchase presented to you. You may also choose to make a counter-proposal to the buyer. The first purpose of the counter-proposal is to signify to the buyer that you have rejected his Promise to purchase as drafted. To do so, your broker must use the mandatory form Counter-proposal to a promise to purchase designed by the OACIQ.
The Counter-proposal allows you to accompany your refusal by a new proposal that would be acceptable to you:
by including or excluding certain items (or by making a minor clarification);
by changing the selling price or timelines, such as the date of occupancy.
In turn, the buyer may make a Counter-proposal in response to your counter-proposal, and so on. A counter-proposal has the effect of cancelling all previous counter-proposals made by either the buyer or the seller.