Compromis de Vente: one step closer to purchasing your French property

What does the Compromis de Vente include?

• Personal information about the buyer and seller,
• A list of the items in question,
• A target completion date,
• Legal and agent fees,
• Penalty clauses,
• Details and description of the concerned property,
• The price and deposit,
• Seller’s declarations about the property,
• Required surveys or inspections,
• Provisional clauses.

Is it different from the Promesse de Vente?

Yes, in a Promesse de Vente, only the seller has an obligation. This consists in an option to purchase the property at the chosen price, preventing the seller from selling to any other party for a certain period. This option is compensated by a fee paid by the buyer. Fee that the owner will keep in case any decision against proceeding with the operation.

And even though the Promesse de Vente generates an obligation to the seller to sell his property, the court only demands from the seller, a compensation in the form of a lump sum plus interest, and never forces the sale.

Prerequisites before signing the Compromis de Vente:

Key terms of your purchase, a Compromis de Vente, is a fundamental aspect of the whole operation. Appointing an English-speaking legal adviser will help you make sure all points of the agreement are under control and will also reduce the risk of conflicts. After signing the Compromis de Vente, you will also benefit from a cooling-off period in which you are able to decline the purchase without any sanctions.

The following procedure: what’s next?

In about two to three months, it will be up to the Notaire to check the documentations and records linked to the concerned property. This process can be delayed in some cases but can be if it is made easier for the notary to reach the necessary documentations. That is where we, at DELCADE, intervene. Proving once again, our capacity to assist, and advise you during the whole procedure.