Understand the nature of the document
The promise identifies the buyer, seller and property, then records the proposed price and terms. The appropriate form depends in part on the property type. Do not assume that a document for a house, condominium or another immovable contains the same provisions.
The OACIQ states that a broker representing the buyer must advise and inform the client according to their needs and explain the terms of the form. Read each part before signing and identify every passage that remains unclear.
This guide does not draft or interpret clauses. Discuss transaction choices with the broker and direct legal questions to a qualified legal professional. Wording that looks standard can have consequences tied to the particular file.
Read the price together with the other terms
Price is not the only meaningful term. The date for the deed of sale, occupancy, included and excluded items and other arrangements may matter to both parties. Check that the dates fit your financing, present housing and moving plans.
Describe inclusions and exclusions clearly enough to avoid different interpretations. An item seen during a visit is not automatically part of the sale. The written document should reflect the agreement you intend to propose.
Confirm that the property identification and available information match the home visited. Seller documents, the certificate of location and, for a condominium, syndicate records may create questions to address before signing or through appropriate conditions.
Understand each condition and its follow-up
Financing and inspection are among the common conditions identified by the OACIQ, but a transaction may need other reviews. Read the actual wording: what must be obtained, by whom, in what form and within which period.
Inspection does not guarantee the absence of defects; it records visible observations within a mandate. Financing is not merely a formality either. Prepare requested documents and maintain communication with the professionals involved.
After acceptance, follow the conditions within the time periods written in the promise. Do not borrow a generic schedule from another transaction. A clear calendar with the required notices and supporting records helps prevent missed steps.
- Financing and requested documents
- Inspection and report review
- Property-specific document review
- Dates and notices set out in the promise
Know how the parties may respond
The seller may accept, refuse or make a counter-proposal. A counter-proposal means the original offer is not accepted as written and proposes different terms. The buyer should review the entire response, not only the most visible change.
The OACIQ explains that a new counter-proposal cancels previous counter-proposals in building the agreement. The broker must ensure the intended terms are recorded in the applicable forms.
Do not treat an informal conversation as proof that a term has changed. Amendments to an accepted promise must be documented appropriately with the parties’ agreement. Ask for a complete explanation before signing.
Ask questions before committing
Ask the broker to review the document in order and connect each clause to your situation. Which dates trigger action? Which records remain outstanding? Which condition depends on a third party? What process applies if information is not received as expected?
Keep complete copies of signed documents and notices. Check that referenced schedules and annexes are included. Good organization does not change the parties’ rights, but it supports accurate follow-up.
If a legal consequence concerns you, obtain advice from the qualified professional before committing. Prudence does not mean adding clauses at random; it means understanding the document prepared for your transaction.