Have you received an offer to purchase from a homeowner that is conditional on them selling their property? It’s important to understand that, as long as the conditions of that offer aren’t met, you can keep marketing your property and meeting new potential buyers. That’s allowed because of the “72-hour clause.” Find out everything you need to know about this clause, step by step.  

And feel free to refer to the overview in our diagram!

A first buyer makes an offer  

You get an offer to purchase that’s conditional on the sale of Buyer 1’s property.

Accept the first offer  

If the conditions of the offer are suitable to you, you accept it. Paragraph 6.2.5 in the offer is checked and filled out.   

Details on Paragraph 6.2.5  

The amount of time the buyer is given to sell their property is generally between 60 and 90 days. If the specified amount of time elapses, the offer automatically becomes null and void. It is however possible to extend that time period if both parties jointly decide to do so. 

A second buyer makes an offer  

During the time that Buyer 1 is given to fill the condition of selling their property, your real estate is still actively for sale. Since you keep marketing it, you get a new offer from Buyer 2. 

Accept the second offer  

If the contents of this new offer are suitable to you, you accept it. This second offer to purchase is independent from the first one, but it must be conditional on that first offer being cancelled. To set this condition, you check Paragraph 6.2.6: Acceptance Conditional Upon Cancellation of Another Accepted Offer to Purchase. Other conditions that may apply, like financing and inspection, must also be noted in the document. 

When do I advise Buyer 1?   

Don’t inform the first buyer that you have received a new offer until all the conditions of the second offer (financing, inspection, etc.) have been met. You wouldn’t want to drop the first offer before you’re sure Buyer 2 can fulfill the conditions! Once that happens, send a 72-hour notice to Buyer 1.      

The 72-hour notice  

This document can be found in your My DuProprio account. Once you send this notice, Buyer 1 has 72 hours to lift all the conditions in their offer if they still want to buy your property.

What happens once the 72-hour notice is received?  

Buyer 1 has two options:  

1. Cancel all the conditions in the offer to purchase that haven’t yet been met, including the condition that their existing property be sold. Buyer 1 must then demonstrate that the financing or funds needed to buy your property are available.

2. Cancel the offer to purchase.    

If Buyer 1 does not advise you of a decision within the 72-hour period, their offer to purchase becomes null and void.   

Finalizing the transaction    

Regardless of which of the two offers you end up accepting, we recommend that you fill out Section 3 of the Amendments and Notice of Fulfilment of Conditions form. This will make the offer to purchase official before you go to the notary’s office.   

Diagram of the 72-hour clause  

*Depending on the package selected.