The promise to purchase is the means by which you inform the seller of your firm intention to purchase his property under certain conditions. In this form you establish, among other things, the conditions under which you wish to purchase the desired property. It becomes a formal commitment binding on you once it’s accepted by the seller.
In order to proceed according to the law and in its interest, it is important to be advised and accompanied by a real estate broker. Also, before it is submitted, you will have to go through a few steps.
- Before you write your promise to purchase, think carefully about your budget so that you don’t let yourself be overtaken in an eventual auction or even make sure you can keep that promise.
- As a buyer when you transmit ( you and/or your real estate broker)To the seller, make sure that all points are well understood and well informed, because as its name indicates it is a promise to purchase and if the other party accepts it, you will normally be obliged to submit to it.
The seller may accept, refuse or make a counter-offer.As a seller, you will also need to ensure that all information is accurate and appropriate to you before accepting it.
Whether you are on the side of the buyer or the seller, the writing of the promise to purchase is a procedure in which you must be accompanied.