The offer or promise to purchase, also called a preliminary contract, is the basis of the future sale agreement. If it is imprecise or incomplete, it could cause a lot of inconvenience, both for the buyer and the seller. Here is what a purchase offer should contain and the key elements to watch out for.
• Identification of the parties
The name of all selling owners must appear on the offer to saudi-arabia business email list purchase, as well as that of all those who wish to purchase the property. Their respective signatures must be affixed to the document, as well as that of the spouse in the case of the sellers. For married couples, the signature of the spouse is essential. For common-law spouses, it is necessary only if the spouse is also the owner.
• Brief description of the building
The civic address of the property must be mentioned, as well as the description of any land, whether adjacent or not, and which forms a whole. For condos, the designation of parking spaces on the common or private part must also be indicated.
• Price
The agreed amount of the sale price, including or excluding GST and QST, if applicable, must be clearly indicated.
• Terms
Typically, the offer is conditional on obtaining a commitment letter to lend, issued by a financial institution. However, the pandemic has caused delays, so it is prudent to indicate a longer period of time to obtain the loan than is usually established in a standard purchase offer.
It may also be mentioned that the offer is conditional on a pyrite, radon or even drinking water test meeting standards, and to provide for who will bear the costs. If applicable, the offer could also be conditional on confirmation of compliance with sanitary installation standards (septic tank, leaching fields and others).