Sales agreement and the final contract

The sales agreement, "compromise de vente", is a preliminary contract, a document in which buyer and seller agree to buy and sell a determined property for a specified price.

It is a firm and final commitment of two parts: it determines the conditions of the sale.

Important:

• There is a legal clause stating that if the buyer does not get credit for the purchase of the specified property, then the sales agreement is void. (Other closing conditions "clause suspensives" may be included by the buyers at this phase.)
• It is customary at the signing of the agreement that the buyer pays a deposit of about 5% to 10% of the purchase price, withheld at the notary, which is deducted from the sale price at the signing of the final sales contract.
• The sales agreement includes a withdrawal period of 7 days for the benefit of the purchaser.

Average time before signing of the final contract: 2 to 3 months

The sales contract

The transfer of ownership is concluded that at the signing of the sales contract at the notary, when all conditions are met for the sale (obtaining the loan, planning documents ...).

At the signing of the contract, the purchaser pays the remainder of the amount due and the amount of legal fees (fees of the notary, registration fees and allowance for miscellaneous expenses of publication and registry)

A copy of the title deed is sent to the buyer after completion of all formalities.