A strong offer is not only a high offer. The seller also considers the likelihood of closing, clarity of conditions and compatible dates. The goal is to present a credible file without blindly removing protections.
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Key takeaways
- Each step has its own commitments.
- The asking price alone does not determine value.
- The down payment is the part of the price funded from your own resources.
From offer to keys: four steps
Each step has its own commitments. Your offer’s dates and procedures govern this general overview.
- Offer : define price, conditions and response deadline.
- Response : review acceptance, refusal or a counter-offer before committing.
- Conditions : track evidence, notices and every agreed deadline.
- Notary and occupancy : confirm transfer and key handover separately.
Base the price on the market and property
The asking price alone does not determine value. Comparable sales, active competition, building condition, micro-location and observed interest help establish a defensible range.
In multiple offers, decide in advance on a limit consistent with financing and the property’s value to you. Winning the offer should not weaken the rest of the project.
Deposit and down payment: what is the difference?
The down payment is the part of the price funded from your own resources. A deposit is paid in advance under the offer and credited toward the price at closing; it is not a second purchase charge.
In a brokered transaction, the deposit is held in trust under the applicable terms. Confirm the recipient, deadline and payment instructions. If repayment is disputed, do not assume immediate release.
Illustrative example: at a $500,000 price with a $100,000 down payment, a $10,000 deposit already paid leaves $90,000 of down payment to provide, plus costs and adjustments. The planned loan is $400,000.
What to review before signing
A promise to purchase sets out specific commitments. Take time to have each clause and its related schedules explained. Listing information does not replace the terms written in your offer.
| Item | What to confirm |
|---|---|
| Property and price | Exact property identification, offered amount and payment terms |
| Inclusions and exclusions | Items that stay, excluded items and rental equipment to clarify |
| Financing | Proposed borrowing, clause requirements and evidence to deliver |
| Inspection | Scope, deadline and applicable procedure if a significant issue is found |
| Documents | Documents to receive, review requirements and notice procedure |
| Dates | Acceptance, fulfilment of conditions, deed of sale and occupancy |
Increase financing certainty
A recent pre-approval, current documents and prompt lender communication support a more credible file. The property must still satisfy lender and, where applicable, mortgage insurer requirements.
My mortgage-financing experience helps anticipate questions about property type, timing and documents. The final credit decision always belongs to the lender.
Adjust terms instead of removing protections
Occupancy and signing dates, inclusions, response deadline and documentation quality can make an offer more attractive. A clear, precise promise is easier to assess.
Financing, inspection and document-review conditions protect against different risks. Before changing one, understand what would be assumed if an issue appears after acceptance.
After acceptance: organize the follow-up
Condition deadlines do not all run from the same event. In mandatory forms, they are generally expressed in consecutive calendar days. Confirm each clause’s starting point, deadline and method for delivering notice or evidence.
- Calendar : record each deadline, the person responsible and the required document.
- Availability : book the inspector promptly and tell the lender the agreed deadlines.
- Review : read reports and documents upon receipt and ask any necessary questions.
- Evidence : retain notices and confirmation of receipt under the applicable procedure.
- Difficulty : alert your broker before the deadline; an extension cannot be assumed.
Inspection: understand the condition
An inspection does not provide a general right to change your mind. The effect of a finding depends on the signed clause, its significance and compliance with notices and deadlines. A minor defect does not necessarily have the same consequences as a significant problem.
If an issue is identified, have the report and useful follow-up checks explained. A price reduction after inspection is not automatic: any amendment must be agreed and documented. Do not wait until the last day to understand your options.
Acceptance, counter-proposals and withdrawal
When are we committed? Acceptance within the specified deadline binds both parties. Even before acceptance, your signature commits you during the acceptance period. A signed offer is therefore more than a reservation.
What does a counter-proposal change? It proposes new terms. The final agreement is the original promise as amended by the last accepted counter-proposal. Include the negotiated changes you wish to retain rather than assuming all earlier proposals accumulate.
Can I simply change my mind? No. The OACIQ describes an exception for revocation before the seller receives or is presented with the promise. After acceptance, a condition is not a general cancellation right: its wording, the facts, supporting documents and required notices govern the next steps. Contact your broker promptly before taking action.
Common buyer questions
Does pre-approval replace a financing condition? No. The lender must still assess the property and confirm financing under its requirements. Pre-approval does not guarantee final approval.
Can I know the price of other offers? Competing offer details are confidential. Set your limit using comparables, your total budget and a financial buffer rather than an assumed competing price.
Must I offer above asking? Not automatically. The asking price is neither a guaranteed value nor a minimum you must exceed. Your analysis should reflect the property and market.
Do signing and receiving the keys happen on the same day? Not necessarily. Check the deed-of-sale and occupancy dates separately, then coordinate your move and insurance.
Sources and useful links
- OACIQ — Understanding the promise to purchase
- OACIQ — Steps after an accepted offer
- OACIQ — Confidentiality of offers (French)
- OACIQ — Receipt and condition follow-up (French)
- OACIQ — Inspection and fulfilment of the condition (French)
- OACIQ — Price and deposit (French)
- OACIQ — Withdrawing a promise to purchase