A buyer submits an OACIQ Promise to Purchase form for a house in Gatineau. The promise includes a financing condition and a clause stating that the buyer will undertake a pre-purchase inspection. The buyer's real estate broker notices that the deadline for the financing condition is set for 5 business days, and the deadline for the inspection is 10 calendar days. What should the broker recommend regarding these deadlines?

Question: A buyer submits an OACIQ Promise to Purchase form for a house in Gatineau. The promise includes a financing condition and a clause stating that the buyer will undertake a pre-purchase inspection. The buyer's real estate broker notices that the deadline for the financing condition is set for 5 business days, and the deadline for the inspection is 10 calendar days. What should the broker recommend regarding these deadlines?

Answer options: ✅ The financing condition deadline should be extended to at least 10 business days to align with typical lender approval times, and the inspection deadline should remain 10 calendar days.

• Both deadlines should be expressed in calendar days for consistency and clarity, with the financing condition at 5 calendar days and the inspection at 10 calendar days.
• The financing condition is appropriate at 5 business days, but the inspection deadline should also be specified in business days to avoid weekend complications.
• The inspection deadline should be shortened to 5 calendar days to expedite the transaction, while the financing deadline should remain at 5 business days.

Correct answer: The financing condition deadline should be extended to at least 10 business days to align with typical lender approval times, and the inspection deadline should remain 10 calendar days.

Explanation: Article 10 of the Real Estate Brokerage Act's Regulation respecting brokerage requirements, professional ethics of brokers and the advertising of services states that a broker must advise and inform parties. Given the complexity of obtaining financing approval and securing a qualified inspector, the broker should recommend realistic timelines. Five business days for financing is often too short, and 10 calendar days for inspection often just adequate.