Receiving a promise to purchase
What a promise to purchase contains and what to read first.
It's the buyer's written offer. Read it in full, calmly, and have it reviewed before you respond.
| Item | What to check |
|---|---|
| Price | Compared with your target price, not just the asking price |
| Conditions | Financing, inspection, sale of the buyer's property: each one can delay or derail the sale |
| Deadlines | Removal of conditions, signing at the notary, occupancy date |
| Inclusions | Appliances, light fixtures, curtains, shed: what stays and what goes |
| Legal warranty | Included, or a sale without legal warranty? |
| Validity | Until when the buyer is waiting for your answer |
| Pre-approval | A mortgage pre-approval letter separates the prepared buyer from the hopeful one |
| Buyer's broker | If they are represented, who pays the broker |