By Jennifer Lynn Walker

When the promise to purchase is drafted, the real estate broker or agent must discuss with the buyer each phase of the buying process. This step must include an analysis of the buyer’s needs and objectives and an evaluation of his financial capacity. It is up to the broker or agent to ensure that the buyer clearly identifies what he is seeking in accordance with his means.

FOR THE BUYER

You should try to know your needs and financial means as precisely as possible. Prepare a realistic budget, based on your lifestyle and your ability to pay. Don’t hesitate to supply your broker or agent with relevant information concerning your financial position. He will be able to help you make an informed decision in complete confidentiality.

• With your broker or agent, take time to read the promise to purchase carefully in detail while you are filling it in
• Compare with other properties before setting the price you are offering
• Carefully verify the dates recorded for taking possession, adjustments and the act of sale
• Carefully review the items included in and excluded from the sale, since they cannot be claimed after the promise to purchase is signed, unless the seller agrees
• Make sure that all of your conditions are recorded: mortgage, building inspection, verification of the location certificate, etc. In rural areas, it is a good idea to request a water test (quality and quantity) and a compliance inspection of the water purification system
• Take care to record an expiry date for these conditions in the contract
• Make sure that the location certificate supplied by the seller corresponds to the reality

FOR THE SELLER

• Make sure that you carefully read and understand the promise to purchase. Ask your broker or agent all useful questions so that no doubts remain
• Your declarations recorded in the brokerage contract should also appear on the promise to purchase
• If some of the desired elements do not appear on the promise to purchase, you can add them to the counter-proposal
• Check that your cadastral designation and the land area are accurate
• Make sure that the dates of the act of sale, adjustments and taking possession correspond to your needs
• Make sure that the items included in and excluded from the sale are recorded in accordance with your consent and that the buyer’s conditions can be achieved within the prescribed deadlines

As seller, you have the right to receive all promises to purchase deposited after your property is put on the market. Moreover, you are totally free to respond in whatever order you see fit, or even not to respond at all.