Guide
The promise to purchase, explained.
People often call it the offer to purchase. Once accepted, it binds the buyer and the seller. Here is what it contains and how it is negotiated.
The form
What it contains.
- 1The price offered
- 2What is included and excluded: light fixtures, appliances, alarm system
- 3The conditions, most often financing and inspection
- 4The dates for signing at the notary's and for taking possession
- 5The deadline, date and time, to answer it
The seller answers
Three possible answers.
01
Accept
The promise works as is. Once accepted, it binds both parties, subject to its conditions.
02
Refuse
It is the seller's right, even if the price suits them. With no answer by the deadline, the promise lapses.
03
Counter-propose
The seller proposes something else. Each counter-proposal cancels the previous ones: only the last one counts.
Financing
A condition to write carefully.
- 1The amount, maximum rate, amortization and term must be written down
- 2You need a lender's written, unconditional commitment: a pre-approval is not enough
- 3According to the OACIQ, a period of at least 14 days is generally needed
- 4Deadlines are counted in consecutive calendar days
Before you sign, ask every question.
Vanessa explains each clause of the promise to purchase before you sign and follows every deadline with you.
Sources
Information checked on October 18, 2026 with the sources below.
- OACIQ, Understanding the promise to purchase
- OACIQ, Receiving several promises to purchase
- OACIQ, Promise to purchase and financing
General information: it does not replace legal, tax or financial advice.