Following a visit to a single-family home in Montréal, a potential buyer, Mr. Dubois, decides to submit a Promise to Purchase. He informs his broker, Ms. Chen, that he wants to offer $650,000 but wants to be sure he can get financing. What important element must Ms. Chen ensure is included in the Promise to Purchase?

Question: Following a visit to a single-family home in Montréal, a potential buyer, Mr. Dubois, decides to submit a Promise to Purchase. He informs his broker, Ms. Chen, that he wants to offer $650,000 but wants to be sure he can get financing. What important element must Ms. Chen ensure is included in the Promise to Purchase?

Answer options:

• A clause stating that the offer is conditional upon the buyer liking the neighborhood. ✅ A complete and precise financing condition, including the amount, rate, and deadline.
• A statement that the buyer reserves the right to withdraw the offer at any time.
• A clause indemnifying the buyer from any liability if they fail to obtain financing.

Correct answer: A complete and precise financing condition, including the amount, rate, and deadline.

Explanation: For a Promise to Purchase to be actionable and protect the buyer, a financing condition must be clear and precise, detailing the loan amount, interest rate, and the deadline for its fulfillment, as found in the OACIQ Promise to Purchase form.