What is the real estate sales agreement?
You want to sell your property on the French Riviera? You must therefore know what a preliminary sales agreement is. A preliminary sales agreement is a step prior to the signature of the deed of sale. It is the last step before the final signature of the deed of sale. It allows to seal the conditions of the sale of the property.
Definition of a preliminary sales agreement
A preliminary sales agreement is the first act sealing the agreement of the parties on a sale. It is then called a pre-contract, because it is a preparatory stage to the signature of the final act. Call on Ange d’Azur for any particular request concerning your property on the French Riviera. A preliminary sales agreement is an agreement between two parties for the sale and purchase of a property at a specific price. The preliminary sales agreement is a real contract, much more than a simple agreement in principle. Therefore, both parties are firmly committed, unless the buyer decides to withdraw within the legal time limit and if the conditions for the implementation of this withdrawal are met. If one of the parties does not sign the final deed after the suspensive conditions have been fulfilled, the other party will be entitled to take legal action to enforce the sale or pay damages.
Steps to follow for the signature of a preliminary sales agreement
A compromis de vente is a written document, which can be drawn up by a notary or in a private setting. Thus, both parties are free to choose the method of drawing up the compromise. However, it is recommended to ask for the help of a professional to avoid making mistakes in the content of the compromise. Do not hesitate to use Ange d’Azur’s tailor-made services to benefit from the advice of an expert. Note that if the duration of the sales agreement is more than 18 months, then the presence of a notary is mandatory. In order to be valid, the preliminary sales agreement must contain a certain amount of information, namely: the complete identity of the seller and the buyer, the selling price, the financing terms of the property, a diagnosis of the property, a precise determination of the property sold, a complete inventory of everything that makes up the property, as well as other mandatory mentions.
The time limit for withdrawing from a compromis de vente
If the buyer is a private individual, he has a 10-day withdrawal period, which allows him to renounce the sale. On the other hand, if the buyer is a professional, he does not have this possibility, except if he wishes to acquire the good for himself. The withdrawal period starts as of the handing over of the preliminary sales agreement or the first presentation of the registered letter notifying it. Please note that if the last day of the withdrawal period falls on a public holiday, Saturday or Sunday, it will be extended to the next working day. The deposit must be returned without penalty within 21 days from the day after the withdrawal. As for the seller, he has no withdrawal period. His commitment in the preliminary sales agreement is firm and final.