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Difference between promise and offer to purchase

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Difference between promise and offer to purchase

During a transaction it is common to hear about the concepts of offer to purchase and promise to sell, however without ever really knowing the distinctions between these two terms. So how are they characterized and do the consequences between the two vary between the buyer and the seller?

Two different names for an identical act

Absolutely no difference exists between the promise to purchase and the offer to purchase, hearing these two different terms, they result in the same act. The promise to purchase is sent by the buyer to an owner or professional agent of the real estate to signal his interest following a visit. By this report, the buyer writes a promise to purchase proposing to the seller to acquire the property at the amount that seems consistent to him. It is perfectly possible to offer a different price than the one initially announced, which may be lower if the buyer considers the property too expensive or higher if he absolutely wishes to acquire the property. Once the offer has been issued, the receipt of the latter by the seller may give rise to the opening of negotiations between the different parties.

In the event that the seller agrees, the sale is considered suspended and this act serves as the first document marking the beginning of a transaction. This is why it is important to think correctly about each mention and to take your time since the offer will no longer be modifiable thereafter once addressed to the seller, the real estate agent is useful when writing the latter.

The content of the offer or promise to purchase

In order to be legally correct and therefore admissible, the offer must be in writing to be admissible by the seller. The choice of support remains free, possibly by email or mail and written with or without the help of a real estate agent. However, it remains safer to exchange with him and take into account his words.

The offer to purchase must contain mandatory information, to write your promise to purchase in a legally admissible and presentable way go to the article containing all the information to complete your offer with the following model.

Ce qu’il faut retenir :
  • Absolutely no difference exists between the promise to purchase and the offer to purchase

  • The promise to purchase is sent by the buyer to an owner or professional real estate agent to indicate his interest following a visit.

  • In the event that the seller accepts, the sale is considered suspended and this act serves as the first document marking the beginning of a transaction. C

  • In order to be legally correct and therefore admissible, the offer must be in writing to be admissible by the seller.

  • The choice of support remains free, possibly by email or mail and written with or without the help of a real estate agent.

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