By Jacob Sassoon, Real Estate Broker (OACIQ #J6466) · SASSOON.
Updated October 27, 2026 · 8 min read
In Québec, there is no casual offer. The document you sign when you want to buy a property is called a promise to purchase, and once it is signed, it is a binding commitment. Most buyers read the price and skim everything else. That is exactly where problems start.
This guide explains, in plain language, what the promise to purchase does, which clauses matter most, and how the process works from the moment you sign to the moment you meet the notary.
What is a promise to purchase?
It is the written offer a buyer makes to a seller, and it is the contract that sets the terms of the sale. In Québec, your broker uses a mandatory form designed by the OACIQ, the organization that regulates real estate brokerage. Which form applies depends on the type of property you are buying.
The form has 16 numbered sections. Your broker should explain every one of them to you. If a clause is unclear, that is a reason to stop and ask, not to sign.
When does it bind you?
This is the part people underestimate. According to the OACIQ, the buyer is irrevocably committed until the deadline written in the promise expires. The only exception is a very short window, before the promise reaches the seller.
Once the seller has it, they have four options:
- Accept it. If they accept within the deadline, both sides are bound.
- Refuse it. The seller is free to refuse any promise to purchase, even one that looks good on paper.
- Counter-propose. They respond with changes (more on this below).
- Say nothing. If the seller does not accept or does not reply within the deadline, the promise becomes null and void.
The clauses that matter most
| Section | What it covers |
|---|---|
| 4. Price and deposit | The price you will pay in full at the deed of sale, and any deposit. |
| 5. Method of payment | How the price will be paid. |
| 6. New hypothecary loan | Your financing condition, including the mortgage terms you need to obtain. |
| 8. Inspection | An inspection by a person you choose, within a set period. |
| 9. Review of documents | Your right to review documents about the property. |
| 10. Seller's declarations | What the seller declares about the property. |
| 13. Annexes | Additional documents attached to the promise, such as the financing annex. |
| 14. Conditions of acceptance | The deadline and how the seller responds. |
The deposit
A deposit is not something you hand over casually. According to the OACIQ, once the seller accepts, the deposit goes into the trust account of the broker or agency named in the form. If the promise becomes null and void, the deposit is returned to the buyer. A deposit can also be conditional, meaning it is due only once certain conditions are met, which is part of the negotiation.
The three conditions most buyers use
1. Financing. The form sets out the mortgage terms you need to get, including an interest rate that cannot be exceeded. If you do not prove your financing within the set period, the seller can ask you to file a new mortgage application with a specific lender within a set time, or cancel the promise. Get your pre-approval in order before you write the offer, and make sure the terms in the form match it.
2. Inspection. You can make the promise conditional on an inspection by a person you choose, within a set period, or waive it. The OACIQ's advice to buyers is to always have the property inspected by a qualified expert. If the property is sold without legal warranty, tell the inspector, so the inspection can be more thorough.
3. Review of documents. You can ask to review documents that back up the seller's declarations, such as invoices for equipment, permits and plans for major work, previous inspection reports, zoning information, leases, and expense or revenue records. The seller has a short delivery period, generally a few days, and you then have seven more days to respond. For example, a five-day delivery period gives you a total of 12 days. If you are satisfied, you notify the seller. If you do nothing, the condition ends when the period runs out. If you are not satisfied, you must notify the seller within the second period that the promise is null and void.
Choosing your deadline
You choose how long the seller has to respond. It can be a matter of hours or several weeks. The OACIQ points out that a very short deadline can feel like pressure to the seller, who may think their hand is being forced. The deadline also sets the tone of the negotiation, so it is worth discussing with your broker before you sign.
What a counter-proposal does
If the seller likes the buyer but not the terms, they use the OACIQ's mandatory counter-proposal form to change things such as the price, timelines, inclusions or exclusions.
- A counter-proposal states its own deadline, with a date and time, for the buyer to accept.
- The party who made it cannot withdraw it during that period.
- If it is not accepted by the deadline, it is cancelled.
- Each new counter-proposal cancels all previous ones.
- The final deal is the original promise as amended by the last counter-proposal. Any term the counter-proposal does not change stays as it was.
After the seller accepts
Acceptance is not the finish line. From that point your broker follows each condition and its deadline: financing, inspection, document review. Each one needs to be fulfilled, in the right way and on time.
Check the key dates carefully: the occupancy date, the adjustment date (when you become responsible for property taxes and utilities) and the date of the deed of sale. The OACIQ's guidance is that "to be determined" should never replace a date.
The seller's declarations also matter. The buyer must receive the seller's declarations before submitting the promise. If you find a defect after signing, the seller has 21 days from your written notice to say whether they will fix it. The deed of sale is then signed at the notary's office.
Buying to rent: how I use each clause
If you are buying an income property, the same form works harder for you. These are the points I look at first:
- Review of documents. The OACIQ lists leases and expense and revenue records among the documents you can ask for. For an income property, this is where you check that the numbers you were shown are the numbers on paper.
- Financing. The maximum interest rate in the form needs to match your pre-approval and still leave room if rates move. A deal that only works at today's rate is a risk.
- Inspection. A full inspection by a person you choose, and not a rushed one, protects the cash flow you are counting on.
- Dates. Occupancy and adjustment dates affect when you start collecting rent and when you start paying taxes and utilities.
Six mistakes to avoid
- Treating it like a non-binding offer. Once signed, it commits you.
- Setting a very short deadline for no reason. It can work against you in the negotiation.
- Skipping the inspection to look more competitive. The cost of a hidden defect is usually higher than the cost of waiting a few days.
- Leaving dates as "to be determined." Every date needs to be filled in.
- Writing the offer before your financing is ready. The mortgage terms in the form should match your pre-approval.
- Relying on what was said, not what was written. The promise states that consent is not the result of any representation or condition not contained in it. If it matters, it needs to be in the document.
Frequently asked questions
Thinking of buying in Greater Montréal?
I work with buyers and investors across Greater Montréal, and I go through every clause with you before you sign. If you are planning a purchase, or want a second look at an offer, message me or call 514-886-8998, or book a time at sassoon.cc.
This article is general information, not legal advice. The OACIQ form and your notary or lawyer govern your specific situation, and rules can change.