From the compromise to the final deed of sale in real estate

What is the “Compromis de Vente” ?

The “Compromis de Vente”, also called “promesse synallagmatique de vente”, is a sales contract that binds the parties to sell and buy a property. It is signed after the acceptance of the purchase offer and before the signing of the final sales agreement with the notary. This document is very important because it defines the terms of the sale and binds the parties to comply with their obligations.

The content of the “Compromis de Vente”

The “Compromis de Vente” must include the following elements:

• The names, addresses, and personal information of the buyer and seller
• Description of the real estate property
• Sale price
• Payment terms
• Deadlines for payment of the price and signature of the final sales agreemen
• Suspensive clauses that allow cancellation of the sale if certain conditions are not met, such as obtaining a mortgage loan, absence of easements, joint ownership, or hidden defects
• Penalties incurred if either party fails to comply with its obligations
• Details on notary fees and real estate agent fees It is important to note that the “Compromis de Vente” is a legally binding document, which means that the parties are required to comply with the terms and conditions set out in the document.

Securing the “Compromis de Vente”

The signing of the “Compromis de Vente” is a crucial moment in a real estate transaction in France. In order to secure the “Compromis de Vente”, it may be wise to:

1. Seek the assistance of a specialized lawyer: It is recommended to consult a lawyer specialized in real estate law to accompany you in drafting and signing the “Compromis de Vente”. A lawyer can help you verify the legal validity of the document and inform you about the clauses to include to protect yourself.
2. Verify the condition of the real estate property: Before signing the “Compromis de Vente”, make sure of the condition of the real estate property by checking that there are no easements, joint ownership, or hidden defects. You can request a property inspection report to avoid any unpleasant surprises.
3. Respect the deadlines: The “Compromis de Vente” contains deadlines for payment of the price and signature of the final sales agreement. It is important to respect these deadlines to avoid any penalties or cancellation of the sale.
4. Ensure that you have the necessary funds: Before signing the “Compromis de Vente”, make sure that you have the necessary funds.
5. Suspensive clauses: Suspensive clauses protect the interests of both parties in case of unforeseen or undesirable situations that would prevent the sale from being concluded. They are therefore very important and must be carefully drafted. These clauses allow the sale to be conditional on the occurrence of a specific event, such as obtaining a mortgage loan or the non-existence of a mortgage on the real estate property. It is essential to list all the suspensive clauses in the “Compromis de Vente” to ensure that all parties are informed and committed. Suspensive clauses must also include a deadline for the occurrence of the event and a deadline for the lifting of the conditions.

The withdrawal period

Once the compromis de vente is signed by all parties, the buyer has a withdrawal period of 10 days, in accordance with French law. During this period, the buyer can change their mind without having to provide a specific reason. It is important that this period is respected in order to avoid any future complications.

Conclusion

The compromis de vente is a crucial step in the sale or purchase of real estate in France. It is a legally binding contract that must be taken very seriously. It is therefore important to fully understand the terms and conditions of the compromis de vente before signing it. To avoid any future complications, it is recommended to seek the assistance of a professional such as a lawyer to help draft the document and ensure that all aspects of the sale are properly covered.