The Offer to Purchase in Quebec

Offer to purchase in QuebecFor the seller, receiving an offer to purchase is an exciting moment. It’s an indication that they may be entering the final phase of the sales process, especially if the price is right.

However, with an offer to purchase, there is more than price to consider before accepting, including things like what the conditions of the sale may be, the date of possession (and any discrepancies associated with this), and what inclusions will be added to the deal (or not).

It’s important that all three of these things be agreed upon between the purchaser and the seller before a sale can be complete. Here’s some more advice on what you should know about an offer to purchase – there is more than price to consider.

1. Conditions of sale

An offer to purchase often contains conditions that should be read very carefully before any offer is accepted. These can also be included in the fine print at the bottom of offers (which is sometimes overlooked, especially by first-time sellers).

Take into consideration the following example: A buyer submits the price that you are asking for but his offer is conditional on the sale of his own property. You therefore have to wait until his property is sold before you will be able to finalize the transaction. If you are pressed to sell and need to get rid of your property as soon as possible, it may be more advantageous to take a lower offer without having to comply to such a strict move-out condition. This is a judgement call that only you, as the seller, can make.

2. The date of possession

You’ve come to the point of the offer to purchase that you’ll be handing off possession, but when do you want to move out and does this work for the buyer as well? Be sure to establish a time that is convenient to take possession of your next house. If there’s some sort of delay on the homebuyer’s end and it just doesn’t work for you, it’s possible to renegotiate a better date of possession with the purchaser. You should always be able to come to some sort of an agreement.

3. The inclusions

Inclusions can be an enticing way to draw in buyers, especially those who have put in an offer to purchase. There is more than price to consider – the efficiency of having certain items in place, such as the fridge, stove, washer, dryer, and dishwasher, eliminates the need to move or buy such things as well as install them, which could be a huge plus to a purchaser.

Furniture, window treatments, appliances, or even lighting can be included in the sale, as well as outdoor items like lawn maintenance tools. It’s a way to add value to the overall transaction. Ask the buyer if they are interested in any of the things in your home – you can include these in the offer before coming to an agreement.

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