What the promise to purchase actually is
The promise to purchase is the mandatory OACIQ form by which you commit to buying a property at a given price and conditions. As soon as the seller accepts it, it binds both parties: it is not a letter of intent, it is a contract. There is no cooling-off period for a resale purchase in Quebec; only the conditions written into the document allow you to withdraw. It spells out the offered price, the requested occupancy date, the inclusions, and each condition with its deadline.
This is the single most misunderstood document in Quebec real estate. Buyers imagine they are opening a discussion; legally they are signing a commitment that only their own conditions can undo. That is not a reason to fear it, it is a reason to draft it properly: a well-built promise protects you at every step, and a sloppy one leaves you exposed exactly when the stakes are highest.
Financing and inspection: the two exits that protect you
The two essential conditions of a first offer are financing and inspection. The financing condition releases you if the lender ultimately refuses the mortgage; the inspection condition lets you withdraw, or renegotiate, if a building inspector uncovers significant defects. Each condition carries its own deadline, and blowing a deadline can turn your conditional offer into a firm obligation to buy.
Treat the deadlines like flights you cannot miss. The financing condition means confirming with your lender inside the window, not just holding a pre-approval (a pre-approval is an estimate, not a commitment). The inspection condition means booking the inspector immediately, not next week. In competitive situations some buyers waive conditions to stand out: sometimes rational for a strong file, but you must understand you are giving up your exits. Your credit file and mortgage pre-work decide how much risk you can afford to take.
Counter-offers: how the ping-pong actually works
Facing your offer, the seller has three options: accept, refuse, or counter. A counter-proposal changes terms (price, dates, inclusions) and CANCELS the previous offer, starting a new round with its own acceptance deadline. Nobody is bound until one side accepts the other's latest version in writing; from that signature on, both parties are locked in.
Practical consequences: never assume your original offer is still alive after a counter (it is not), never let a deadline lapse assuming goodwill, and get every change in writing on the proper form. The back-and-forth usually converges in one or two rounds when the opening offer is grounded in comparable sales rather than wishful thinking; that is where a broker who knows the micro-market earns their keep.
The deposit: optional, strategic, protected
A deposit is not legally required in Quebec, but it can strengthen an offer by signaling seriousness, especially in multiple-offer situations. When present, it is held in a trust account and credited against the purchase price at closing. The amount is negotiable; what binds you is the accepted promise itself, with or without a deposit.
Think of the deposit as a negotiation tool rather than a legal requirement. In a hot market, a meaningful deposit paired with clean conditions and realistic dates often beats a slightly higher price with a messy offer. In a calm market it matters less. Either way the funds sit protected in trust, not in the seller's pocket.
The classic mistakes that cost real money
The expensive errors repeat: treating the promise as an opening chat instead of a contract, missing a condition deadline (turning a conditional offer firm), relying on a pre-approval as if it were financing, skipping the inspection to look competitive without measuring the risk, and leaving verbal agreements out of the written form. Every one of them is avoidable with preparation.
- Deadlines are the contract. Diarize every condition date the day the promise is accepted, and act days early, not hours.
- Pre-approval is not financing. The financing condition exists precisely because the lender's final answer can differ; keep it unless you have certainty.
- Inspection protects resale value too. What the inspector finds, you can renegotiate now, or discover expensively later; our guide on latent defects shows what happens after the fact.
- Everything in writing. Inclusions, repairs promised by the seller, occupancy details: if it is not on the form, it does not exist.
More guides in English
Buying or selling in Quebec means dealing with rules that are written in French first. These guides cover the same rules, in English, with the French names you will actually see on the documents.
- CELIAPP in English: the FHSA guide
Contribution limits, Schedule 15, tax-free withdrawals and FHSA vs HBP. - Quebec welcome tax and the $5,875 refund
How the transfer duties brackets work, and the Montreal first-buyer refund. - New build vs resale in Quebec
What changed on the GST in 2026, and the real cost gap between the two.
Our team works in French and in English: call 438 807 3653 and ask for an English-speaking broker.
Make your first offer a strong one, in English or French
We prepare the promise with you line by line: price grounded in real comparables, conditions and deadlines that protect you, and a strategy for counters before they happen. No obligation. That is how we became the number 1 team at RE/MAX Platine.
Frequently asked questions about the promise to purchase
Is a promise to purchase legally binding in Quebec?
Yes. The promise to purchase is the mandatory OACIQ form through which you commit to buying a property at a stated price and conditions. The moment the seller accepts it, it binds both parties: it is not a letter of intent, and there is no cooling-off period for a resale property in Quebec. The only exits are the conditions written into the offer itself, typically financing and inspection. Sign it as seriously as you would sign the deed.
What conditions should I put in a promise to purchase?
The two essential conditions of a first offer are financing and inspection. The financing condition releases you if the lender refuses the loan; the inspection condition lets you withdraw or renegotiate if a building inspector uncovers significant problems. Each condition comes with its own deadline, and missing a deadline can transform a conditional offer into a firm one. In a multiple-offer situation some buyers drop conditions to look stronger; understand exactly what you are giving up before you do.
What happens after I submit an offer: can the seller counter?
The seller has three choices: accept, refuse, or make a counter-proposal changing, for example, the price or the occupancy date. Each counter-proposal cancels the previous offer and restarts the exchange with its own acceptance deadline. You are never obligated to accept a counter, and until one side accepts the other's document in writing, nobody is bound. Once signatures meet on the same version, the deal is locked.
Is a deposit mandatory with a promise to purchase in Quebec?
No, a deposit is not legally required in Quebec, but it can strengthen your offer by showing seriousness, especially against competing bids. When there is one, it is held in a trust account (typically the broker's agency trust account) and applied to the purchase price at closing; it is not an extra cost. The amount is negotiable. What actually binds you is your signature on the accepted promise, deposit or not.
General information as of July 2026. The promise to purchase and related forms are mandatory forms of the OACIQ (Organisme d'autoréglementation du courtage immobilier du Québec); conditions, deadlines and remedies follow the accepted document and the Civil Code of Québec. New-construction contracts from builders follow different rules. This guide does not replace legal advice. Une version française complète est disponible: la promesse d'achat au Québec.