6. The offer to purchase and sale

You've just found the home of your dreams. It's exactly what you were looking for and within your budget!

Remember that the legal implications of buying a home are crucial. Before making your offer, make sure that you fully understand the extent of the commitment.

Be aware of the extent of the commitment

The offer to purchase is a very important document that is legally binding on the parties. It is a contract in which one person offers to buy another's property under certain conditions. Consequently, you should never sign an offer to purchase too quickly.

The offer to purchase includes all the details required to identify the property and the conditions of the transaction, such as:

• address and lot number
• amount of the deposit
• date of possession
• distribution of taxes
• length of time that the offer is valid (generally between 24 and 48 hours)
• what is included or excluded in the sale price (e.g., light fixtures, drapes, carpets, household appliances)
• approval of mortgage loan (amount, rate, term)
• satisfactory inspection of premises by an expert
• sale of your current house
• any other condition(s) deemed appropriate

Offer to purchase forms are available at bookstores or from your real estate agent.

Know when and how to act

What happens once the offer is made? The seller can either accept or refuse your offer to purchase. If he refuses, he can make a counter-offer (on the price, date of occupancy, etc.), which you can either accept or refuse. If you refuse the counter-offer, you may make another counter-offer. When an offer is accepted by the seller, it constitutes an agreement to sell.

Once an offer to purchase has been accepted, neither party can refuse to carry it out. Otherwise, the seller or buyer can be sued for damages caused to the other party. The buyer may even lose his deposit.

Signing the contract

Upon concluding the sale, make sure that your notary or lawyer has all the necessary documents on hand (mortgage deed, tax receipts, certificate of location). Review with him the adjustment statement that details the amount that has to be signed over to the seller in order to conclude the sale. Your notary will pay the seller in your name with your funds, made available to him through your Desjardins advisor.

See the homeowner's checklist for a list of things to do before your move.