{"id":3970,"date":"2018-03-30T11:37:27","date_gmt":"2018-03-30T15:37:27","guid":{"rendered":"https:\/\/viacapitaledumontroyal.com\/?p=3970\/"},"modified":"2019-08-27T14:34:55","modified_gmt":"2019-08-27T18:34:55","slug":"real-estate-the-promise-to-purchase","status":"publish","type":"post","link":"https:\/\/viacapitaledumontroyal.com\/en\/real-estate-the-promise-to-purchase\/","title":{"rendered":"Real Estate: The Promise to Purchase, More Than a Mere Formality"},"content":{"rendered":"<div class=\"video-cover border--round\">\n<div class=\"background-image-holder\"><img width=\"300\" height=\"251\" src=\"https:\/\/viacapitaledumontroyal.com\/wp-content\/uploads\/Via-Capitale-Chronique-immobiliere-8dec-2015.jpg\" class=\"attachment-large size-large\" alt=\"\" decoding=\"async\" loading=\"lazy\" \/><\/div>\n<div class=\"video-play-icon\"><\/div>\n<p><iframe loading=\"lazy\" title=\"Chronique Immobili\u00e8re de Via Capitale du Mont-Royal du 8 dec 2015\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/koXoUTbf8qA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p><!--end video cover--><\/p>\n<p><span style=\"font-weight: 400;\">This week on Les Oranges Press\u00e9es on CIBL, we will highlight the importance of the promise to purchase in a real estate transaction. This step is often deemed trivial, but in reality is far more essential than thought.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In November,<\/span> <a href=\"http:\/\/www.lesaffaires.com\/\"><span style=\"font-weight: 400;\">Les Affaires<\/span><\/a><span style=\"font-weight: 400;\"> published a special report<\/span> <a href=\"http:\/\/www.lesaffaires.com\/dossier\/immobilier-votre-protection-notre-priorite\/la-promesse-dachat-plus-quun-souhait-un-engagement\/583552\"><span style=\"font-weight: 400;\">on the subject titled<\/span> <span style=\"font-weight: 400;\">La promesse d\u2019achat: plus qu\u2019un souhait, un engagement<\/span><\/a><span style=\"font-weight: 400;\">, which made a solid case for the importance of this document and how it shouldn&#8217;t be taken lightly. The promise to purchase is a<\/span>\u00a0<a href=\"http:\/\/www.oaciq.com\/fr\/pages\/formulaires-de-courtage?utm_source=tc&amp;utm_medium=link&amp;utm_term=lien-article-promesse&amp;utm_content=lesaffaires&amp;utm_campaign=oct-dec15\"><span style=\"font-weight: 400;\">form<\/span><\/a><span style=\"font-weight: 400;\"> created by the<\/span> <a href=\"http:\/\/www.oaciq.com\/fr\"><span style=\"font-weight: 400;\">Organisme Autor\u00e8glementation du Courtage Immobilier du Qu\u00e9bec<\/span><\/a><span style=\"font-weight: 400;\"> (OACIQ), which ensures the protection of both the seller and buyer. It also enables the notary to prepare the deed of sale which will then be copied into the land registry. If the seller accepts the buyer&#8217;s promise to purchase, both parties become legally bound.<\/span><\/p>\n<h4><b>The broker&#8217;s role<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Purchasing a property is a significant event in one&#8217;s life and signing a promise to purchase can be stressful. It is highly recommended to have a broker by your side to support you during this momentous adventure. They will guide you, represent you at the time of purchase, and use their expertise to warn you of particular problems. With a buyer&#8217;s contract, you can trust your broker who will be able to move beyond their comfort zone to find the property that corresponds to your needs. If a home meets your expectations but is not listed in the<\/span> <a href=\"http:\/\/www.centris.ca\/fr\/propriete~a-vendre\"><span style=\"font-weight: 400;\">MLS Home Price Index, a register listing real estate for sale in Canada<\/span><\/a><span style=\"font-weight: 400;\">, your broker will let you in on this exclusivity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In an ideal real estate transaction, brokers representing each party are present to ensure that everyone&#8217;s wishes are respected. For example, if a buyer wishes to know the financial state of a building over the last few years, or simply wants to see how the condo is managed, it falls within the broker&#8217;s responsibility to gather all the necessary documents. If the buyer is dissatisfied with the outcome, the promise to purchase may be broken.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h4><b>Conditions leading to the cancellation of a promise to purchase<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Although the promise to purchase represents a commitment between the seller and buyer, there are cases where this agreement can be invalidated.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If a building is revealed to be in poor condition following a thorough inspection, the promise to purchase may be terminated<\/span><\/span><\/li>\n<li>If particular factors, such as water infiltration, affect expenditures on the property or reduce its initial value, the buyer can withdraw the promise to purchase. The buyer will have many options: they can withdraw from the transaction, negotiate the price, or decide to go through with the purchase after all.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">That said, a promise to purchase cannot be nulled due to a simple change of heart, hence the importance of being assisted by a broker with whom you can discuss matters, voice your concerns, and fully trust.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To enable future buyers to purchase a property with full knowledge of the facts, the OACIQ<\/span> <a href=\"http:\/\/www.oaciq.com\/uploads\/ckeditor\/attachments\/399\/guide-acheteur.pdf?utm_source=tc&amp;utm_medium=link&amp;utm_term=lien-article-promesse&amp;utm_content=lesaffaires&amp;utm_campaign=oct-dec15\"><span style=\"font-weight: 400;\">issued an <\/span><span style=\"font-weight: 400;\">informative document<\/span><\/a> <span style=\"font-weight: 400;\">to guide them every step of the way in what could be the transaction of their lifetime.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Follow us on<\/span> <a href=\"https:\/\/www.facebook.com\/ViaCapitaleMontRoyal\/\"><span style=\"font-weight: 400;\">Facebook<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week on Les Oranges Press\u00e9es on CIBL, we will highlight the importance of the promise to purchase in a real estate&#8230;<\/p>\n","protected":false},"author":321,"featured_media":6381,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[238,543,252,271],"tags":[240,248,549,287,548,352,281,545],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - 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