In Quebec, an offer to purchase generally follows these steps:
- Preparing the offer: Your real estate broker draws up an official document including the price offered, conditions (financing, inspection, etc.), the desired date of possession and inclusions/exclusions (appliances, fixtures, etc.).
- Deposit: A deposit cheque often accompanies the offer (usually between $2,000 and $5,000) and will be held in trust by the real estate agency.
- Presenting the offer: Your broker presents the offer to the seller's broker or directly to the seller.
- Negotiation: The seller can accept the offer as is, reject it or make a counter-offer. Several rounds of negotiation may take place.
- Acceptance: Once the offer has been accepted by both parties, it becomes a legal contract.
- Conditions: You then have a period of time specified in the offer to meet the conditions (usually 7 to 10 days for inspection and 15 to 30 days for financing).
- Waiver of conditions: Once the conditions have been met, you sign waivers confirming that the offer is final.
- Finalization at the notary's office: The transaction is finalized at the notary's office, generally on the possession date indicated in the offer.
At Langevin Immobilier, our brokers guide you through every step of this process to protect your interests.