What are the legal deadlines for signing a preliminary sales agreement?
Selling a property can take time. In addition to the publication of the advertisement, the organization of the visits as well as the negotiations with the future buyers, certain administrative steps can considerably lengthen the time of sale. Among the steps requiring long waits, there is the time that elapses between the signature of a compromise of sale and the signature of the authentic act of sale. In fact, it is customary to allow a period of three months between these two signatures.
What is the maximum period of time between the preliminary sales agreement and the deed of sale?
The preliminary sales agreement, also known as the “promesse synallagmatique de vente” is a legal document, drafted and signed by a notary or “sous seing privé”. It allows to fix all the conditions of the sale. Call on Ange d’Azur to benefit from a tailor-made service for the sale of property on the French Riviera. The validity period of the sales agreement allows to know when the deed of sale will be signed. It depends on a deadline, which will be fixed by the various suspensive clauses attached to the contract. The deadline is set by the seller and the buyer. It is mentioned in the contract of sale. Indeed, it is necessary to provide for a sufficient period of time in order to validate all the suspensive clauses. The maximum period of validity of the preliminary sales agreement is generally between three and four months.
The duration of the extension of the validity of the preliminary sales agreement
The preliminary sales agreement is valid until the deadline stipulated in the contract, unless it is extended by mutual agreement. However, the notary can postpone the signing of the deed of sale if the deadline does not allow all the suspensive clauses to be validated. It also happens that one of the two parties wishes to postpone the signature of the deed of sale. In this case, they must make a request. If it is accepted, an amendment is then signed by mutual agreement between the seller and the buyer in order to set a new deadline.
The withdrawal period for a provisional sale agreement
The buyer has a ten-day withdrawal period starting from the transmission of all the documents required for the drafting of the preliminary sales agreement and the signing of the latter. This period is provided for by articles L.271-1 and L.271-2 of the French Construction and Housing Code. It is compulsory and its duration is incompressible. During the legal withdrawal period, the buyer can withdraw from the sale, without any reason or financial penalty. Consequently, the seller must return the lump-sum compensation he has received. In general, the amount of the indemnity is 5 to 10% of the sale price. Sell your property on the French Riviera with peace of mind and security, contact Ange d’Azur.