Clarifications about financing and inspection deadlines

Are statutory holidays, such as Easter Monday, Québec National Holiday and Labour Day, as well as weekends, counted in the deadlines provided for the obtainment of a mortgage undertaking and for building inspection?

YES. The deadlines included in the promise to purchase mandatory forms concerning financing and building inspection are always calculated in consecutive calendar days (i.e. periods of twenty-four hours, from midnight to midnight). Saturdays and Sundays as well as statutory holidays are counted as calendar days. The day marking the starting point, i.e. the date the promise to purchase is accepted, is not counted, but that of the deadline is. This calculation rule also applies to all deadlines provided in the OACIQ brokerage forms.

For more information, here are some of the resources available to you:

• OACIQ training: Workshop on timelines on forms
• Promise to purchase and financing of an immovable - The importance of the section relating to new hypothecary loan
• The client's right of withdrawal in the brokerage contract: A choice to be respected