A promise to purchase is a complete package. Before responding, understand what the buyer is offering, what they are requesting and which steps remain.
What to compare
- Price: the amount offered and any adjustments.
- Financing: down payment, new loan and deadline for the mortgage commitment.
- Inspection: timing, scope and what happens if a significant issue is found.
- Sale of another property: a condition that may add time and uncertainty.
- Documents and verification: condominium, insurance, permits or special expertise.
- Inclusions and exclusions: what remains and what the seller keeps.
- Dates: deed of sale, occupancy and other deadlines.
Compare the outcome, not only the number
A slightly lower offer with strong financing, fewer conditions and compatible dates may sometimes be more attractive than a higher but less certain offer. There is no automatic formula: your priorities and tolerance for risk should guide the decision.
When several offers are received
All promises received must be presented promptly and handled objectively and fairly. Buyers concerned must be informed that other promises exist, but the competing prices and conditions remain confidential.
The seller may accept, refuse or counter an offer. A counter-proposal changes the offer and must be prepared carefully; a verbal understanding is not enough.
Before signing
Review every clause and deadline. Confirm that the offer supports your goals for price, moving date, flexibility, inclusions and certainty.
Present each proposal clearly, compare the conditions and help you understand the advantages and risks before deciding.
Talk to VanessaGeneral information verified in August 2026. Sources: OACIQ: Multiple promises and OACIQ: Promise conditions.