Making the offer to purchase

Once the offer has been accepted by the seller, nothing can be changed without the consent of both parties. By signing the offer to purchase, you are promising to pay a given price. For his/her part, the seller agrees to transfer the property at the same price. Therefore, you must take the time to carefully read the offer to purchase.

An offer to purchase includes all useful information about the location of the property (address, lot number, etc.), as well as details such as the amount of the down payment, e.g. $1,000, the date of possession, distribution of taxes, items included and not included in the sale price (e.g. light fixtures, curtains, carpets, appliances, etc.) and the offer expiry date (generally 24-48 hours).

Do not hesitate to specify the conditions in detail. This is important as it is the only way the contract between the parties can be cancelled. Here are examples of conditions:

• Obtaining a mortgage (amount, rate, term, etc.)
• Satisfactory inspection of the property by a specialist
• The sale of your current home

The offer to purchase is the starting point of official negotiations between the buyer and the seller. If the seller refuses your offer, he/she may make a counter-offer, which you in turn can accept or refuse. You can also make another counter-offer, and so forth. Once the offer conditions have been met, the buyer hires a notary¹ who will be responsible for drawing up the deed of mortgage and the deed of sale, as well as ensuring that all required documents are valid.

1. An attorney in Ontario.