Also known as a synallagmatic promise to sell, a compromis de vente is signed when the seller agrees to sell his property to a buyer, for a previously agreed price. It thus formalizes an agreement in principle between the buyer and the seller of a property. When the preliminary sales agreement is strictly regulated, it can be signed at the real estate agency, at the notary’s office or even under private signature.

When should a preliminary sales agreement be signed?

The stage of the compromis de vente starts when the buyer and the seller have agreed on the price of the property, as stated in the civil code. This occurs when the other party has accepted, in writing or verbally, a purchase offer or one of the counter-proposals. This is a preliminary contract prior to the signing of the deed of sale. You have difficulties concerning the sale of your property on the French Riviera? Call on Ange d’Azur. Indeed, the purpose of a preliminary sales agreement is to seal the agreement between the seller and the buyer concerning the sale of a property. The two parties agree on the price and on the terms of payment of the property. In order to anticipate the clauses and other conditions of the contract, the time before signing the compromis de vente will be used. This also allows time to gather all the documents necessary for the signing of a compromis de vente.

What is the legal time limit between the compromis de vente and the deed of sale?

In general, there is a delay of several months between the signing of the compromis de vente and the deed of sale. However, a deadline is often mentioned in the contract. The deadline must be long enough to allow for the verification of all suspensive clauses, if any, such as obtaining a loan, the purging of the right of pre-emption and mortgages, the completion of a real estate transaction if the buyer is selling his own property, etc. In practice, a period of two to six months is expected between the signing of the preliminary sales agreement and the deed of sale. But the average time is three months. Indeed, this is the time necessary for the notary to gather all the documents necessary for the realization of all the steps required for the transfer of the property. Contrary to the preliminary sales agreement which can be signed under private signature or at the real estate agency as at Ange d’Azur, the deed of sale must be signed at the notary’s office.
Please note that if the buyer decides to retract during the legal time limit, he/she can recover the amount paid as a deposit. Indeed, the law provides for a withdrawal period of 10 days, starting from the day of the signature. The buyer can thus cancel the sale without justification and without financial compensation, during this ten-day withdrawal period. Trust professionals like Ange d’Azur to accompany you in the sale of your property on the French Riviera.