As a seller, you have a right to accept or refuse any Promise to purchase presented to you. You may also choose to make a counter-proposal to the buyer. The first purpose of the counter-proposal is to signify to the buyer that you have rejected his Promise to purchase as drafted. To do so, your broker must use the mandatory form Counter-proposal to a promise to purchase designed by the OACIQ.
The Counter-proposal allows you to accompany your refusal by a new proposal that would be acceptable to you:
by including or excluding certain items (or by making a minor clarification);
by changing the selling price or timelines, such as the date of occupancy.
In turn, the buyer may make a Counter-proposal in response to your counter-proposal, and so on. A counter-proposal has the effect of cancelling all previous counter-proposals made by either the buyer or the seller.
GOOD TO KNOW
Your broker will ensure that the last Counter-proposal includes all the inclusions and exclusions that are not mentioned in the initial Promise to purchase (regardless of any previous counter-proposals).
The agreement that will bind you to the buyer consists in the Promise to purchase as amended by the last Counter-proposal, without regard to any previous counter-proposals.
