Is it possible to cancel a purchase offer? | JDM

By fashionlifeshopping 20/02/2022 1426 Views

Since the beginning of the crisis and with the generalization of teleworking, purchases of houses outside the big cities have been on the rise. Faced with high demand, it happens to be a little too hasty... to the point of not being able to change your mind?

The offer to purchase is a contract

The offer to purchase, also called “promise to purchase”, is a document by which you indicate to a seller that you wish to buy his property. This document is a contract in itself: you must respect it.

In general, an offer to purchase indicates a period during which the seller can accept or refuse the offer. As soon as the seller receives your offer, you cannot withdraw it until this time has elapsed. If you made an offer to purchase without setting a deadline, then you can withdraw it as long as the seller does not accept it.

Is it possible to cancel a purchase offer? | JDM

You expose yourself to recourse if you cancel your offer without reason once the seller has accepted it.

Insert an "inspection clause"

You can include an “inspection clause” in your purchase offer. This clause allows you to cancel your offer if you discover a major problem during the pre-purchase inspection. However, not all reasons justify canceling an offer to purchase: the problem raised must have a significant impact on the value of the house or on the expenses to be expected.

You can call on a pre-purchase inspector to carry out this inspection. It can help you detect problems that you may not have seen.

Please note: for the moment, no diploma or permit is required to be an inspector. To protect yourself, you could choose an inspector who is a member of a professional order such as the Order of Architects of Quebec, the Order of Chartered Appraisers of Quebec or the Order of Professional Technologists of Quebec.

Informative text – This text does not constitute legal advice; it is recommended that you consult a lawyer or notary for such advice. Éducaloi is a non-profit organization whose mission is to inform Quebecers of their rights and obligations in clear language.

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