You have found the house of your dreams and have reached an agreement with the seller regarding the sale price; it is now time to sign a pre-sale contract, the first step before signing the final deed of sale in front of the Notary.
The drafting and signature of a pre-sale contract can be done with or without the Notary. However, with the growing number of mandatory surveys and the complexity of legislation, we recommend the services of a Professional.
The pre-sale contract can take on several forms :
The unilateral undertaking to sell
It binds the seller completely. In consideration of this, the buyer deposits an indemnification for immobilisation representing between 5 and 10% of the sale price (depending on the purchase price and the duration of the undertaking to sell). The latter has a 7-day cooling-off period. Beyond that period, if he/she decides not to buy, he/she will loose the amount deposited.
The unilateral undertaking to purchase
The offer to buy or unilateral undertaking to purchase binds the buyer who can no longer change his/her mind unless the contract includes a suspensive clause that was not fulfilled. The seller however is not bound by this contract until he/she has signed it. This risky procedure is not recommended.
The sale and purchase agreement
Called the Compromis or Promesse de vente, the sale and purchase agreement definitely binds the seller and the buyer, unless the contract includes a suspensive condition that was not fulfilled. It is therefore a full-fledged sales contract that includes all the information required for the sale. In practice, it is the formula most often chosen.
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