Organisme d'Autoréglementation du Courtage Immobilier du Québec (OACIQ) Practice Exam

Question: 1 / 400

Under what circumstance can a Promise to Purchase be canceled?

At any time before the buyer's move-in date

Before the seller accepts the offer

A Promise to Purchase can be canceled before the seller accepts the offer because, at this stage, the agreement is still an offer made by the buyer. Until the seller formally accepts the offer, the buyer retains the right to withdraw or modify their proposal without penalty. This is a fundamental principle of contract law: an offer exists until it is accepted, and prior to acceptance, the offering party has the flexibility to change their mind.

Once the seller accepts the offer, it becomes a binding agreement, and the options for cancellation become different. The other answer choices suggest circumstances where the agreement or process is already in a more established phase, such as moving in or an established cooling-off period, where withdrawal rights are more limited or based on specific legal frameworks. The key point is that until an offer is formally accepted, it remains just that—an offer—and the buyer has the autonomy to cancel it.

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Only after a cooling-off period

When both parties agree in writing

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