PROMISE TO PURCHASE VS NOTARIAL DEED | Espace Loft | Real Estate Team | eXp Quebec


The purchase promise
Documents completed by a buyer for the purpose of purchasing a property constitute a promise to purchase. These documents set out the conditions of purchase, taking into account the price, the dates of the deed of sale and occupation, the terms of financing, the reading of documents and / or inspection, the sale of another property … and even more! Everything is put on paper, in writing, in order to avoid a future misunderstanding; these documents can be complex, but are intended to protect both sides of the transaction. It is therefore important that these documents are well completed by a professional who understands the clauses.

It is possible for a seller to make a counter proposal, which will specify different terms on certain conditions. For example, the seller might come back with a higher price or different dates for the bill of sale or occupation. When a party makes a counter-proposal, it is obliged to respect the conditions as long as the other party has not responded, and can not accept another proposal in the meantime.

A promise to purchase is accepted when both parties agree on the terms of the transaction, but it becomes final only when all conditions are met, except the condition of the deed of sale. A promise to purchase is a contract between the parties and it is not possible to withdraw without a major reason.

Notarial deed
The deed of sale also called notarial deed is the document written by the notary and based on the conditions established in the promise to purchase. This document constitutes the contract that formalizes the transaction between the buyer and the seller. It will be registered and made public through the Land Registry. The notary will draft at the same time the mortgage deed for the buyer, who will decree his borrowing conditions, and the receipt for the seller, if any.

The notary will also, at the same time, distribute between the buyer and the seller, so that the buyer reimburses the seller, for example, municipal and school taxes already paid for the period when he will no longer own.

Choosing a notary is as important as choosing a real estate broker. Some notaries specialize in new properties or condominiums indivision, be sure to select a professional who will meet your needs!

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