Best French Mortgage

The Compromis de Vente is a legally binding bill of sale. Once both the seller and buyer have signed the Compromis, and the buyer has had 7 days reflection, there’s no backing out for either party.  A Compromis may be drawn up by an registered Estate Agent or a Notaire.

The Compromis must describe the property fully including not just the size and location of the property and outbuildings, but also any fixtures and fittings included in the sale. The price is also fixed at this point.

There are 3 types of conditions which may be included in the Compromis de Vente: Conditions générales, Conditions particulières and Conditions suspensives.

Conditions générales mean for example that the buyer takes possession on the day of completion and becomes liable for property taxes and that the seller doesn’t sell off part of the property before then.

Conditions particulières would be written into the contract if the seller agreed, for example, to complete repairs before the sale date. If the condition is not fulfilled by the sale date, you may not withdraw from the purchase but you can ask the Notaire to retain some of the purchase price from the seller until the matter is put right.

Conditions suspensives are clauses which, if not realised, allow the purchaser to withdraw. If you are looking to buy with a French mortgage, you must have a condition suspensive in the Compromis de Vente which allows you to withdraw from the purchase if you are refused a mortgage.

You may be offered a promesse de vente (promesse unilatérale de vente) by a developer, which is an option to buy a property granted to the buyer by the owner. A promesse de vente is at a specified price and good for a specific duration.

And, for commercial premises there is a  promesse d’achat where the buyer commits to buy a property in the case where the owner wants to sell it.

As soon as you sign the Compromis de Vente or equivalent document, you must start to look for a mortgage if you need one. Best French Mortgage will get the ball rolling as soon as we hear from you.

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