As for any single home, you will have to write a promise to purchase to acquire the condo you wish to buy. Although the content of both forms is similar, the promise to purchase for condominiums includes some particularities. It is in your best interest to know them well.
Purchasing real estate is one of the biggest investments one can make in their lifetime, which is why it is so important to fully understand the associated legal implications. Can an offer to purchase be cancelled? What is a latent defect? A defect of consent? Interview with Martin Janson, real estate lawyer at Janson, Larente, Roy in Montréal.
1. Is there a difference between an offer to purchase and a promise to purchase?
The term “offer to purchase” is often used, but the correct term is actually “promise to purchase”. In this document, the buyer proposes an amount to the seller to acquire the property and sets a deadline for a response. Once the promise is signed, there is to a certain extent a contract. One party is obligated to purchase, while the other is obligated to sell. However, the buyer can stipulate conditions to the promise to purchase. The most common are obtaining the necessary financing, the sale of their current property, and a satisfactory inspection report. Continue reading →
You’ve saved money. You’ve done your research and you’re just about ready to visit properties in the hopes of buying your very first home this year. You’d better make sure that these visits are effective. Here are a few tips.
We assume that you’ve defined your needs and priorities before visiting your first homes. Don’t make the mistake of defining them as you go along. If so, you’ll waste precious time.
Don’t wait to visit the property before getting the basic information, such as the age of the house, the electricity costs, the taxes, etc. Browse the websites of cities and power companies. They can usually give you this information. The real estate broker’s listings also hold a lot of information. If the house is not listed, a phone call or an email to the homeowner should suffice. If you’re afraid to sound too pushy, tell yourself that the homeowner is probably glad to proceed in that way. He or she will also be saving time.
You’re planning on buying your very first home in the near future. You have heard of a promise to purchase (formerly known as an offer to purchase) and you are wondering what its purpose is. Here are the main details.
The promise to purchase is the result of a series of exchanges and promises between the future home buyer and the current homeowner. All the details are written down in this document. The promise to purchase is an agreement, which defines the ground rules between the two parties. If conditions are set forth, the deadlines should be clearly stated and the parties undertake to fulfill them.
The promise to purchase is an important document because, as the title states, you commit to buy the property, but under certain conditions set forth on either side. These conditions are laid down in writing in this document.
The promise to purchase is the step that comes right before the deed of sale, which is the famous contract that officially declares you the owner of the coveted house. Just about every detail written down in the promise to purchase will be found in the deed of sale. The content is very similar. Continue reading →
Spring is on our doorstep. For many of you, it’s the final race to buy that first home. In fact, why not make your last-minute rush a little less stressful by calling a real estate broker. It comes with a long list of advantages. Here are the major ones.
If time is of the essence, the real estate broker will be more than welcome. Not only will the real estate professional deal with the bulk of the work, but he or she will also work at a fast pace without skipping any steps.
First buyers usually have two common concerns: a possible budget overrun and buying a home with latent defects, which would implicate unforeseen renovation work and maybe even legal complications. Again, the real estate broker is there to assist first buyers and give them the proper advice to minimize those risks.
The real estate broker also helps first buyers to better manage their stress and avoid a ton of pitfalls, such as hasty decisions causing devastating consequences, poor knowledge of the laws and regulations or a lack of communication with the coveted house’s current owner. Continue reading →
Articles on home financing, home decor & renovations