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Practice: Sign a selling compromise

The sales compromise: a preliminary sales contract

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Practice: Sign a selling compromise
What is a sales compromise? Is it essential and what is its degree of commitment?
The compromise of sale is a stage prior to the signature of the authentic deed of sale. It is important to know the principles of this pre-contract and what it implies.

The sales compromise is a pre-contract. It includes all the terms of the sale such as the price, the method of acquisition (mortgage or not), the deadline and the conditions specific to the sale. The compromise can be drafted before a notary or directly with your Nexity adviser under private appointment. At the time of this signature, the seller must provide all the required technical diagnoses.

The signing of the sale agreement means that you agree to sell your real estate according to the conditions determined in the compromise and that the buyer agrees to acquire it according to the same conditions.
As regards the buyer, it is at this signature that he will have to pay a security deposit of a maximum value of 10% of the sale price. This sum shall be deducted from the sale price upon signature of the definitive act.

The sum is returned to the buyer in the following cases:
the buyer withdraws within the legal deadline of 7 days and one of the conditions precedent does not reach the deadline.
In the event that the purchaser withdraws beyond the period stipulated by the law, the sum paid is definitively acquired to the seller.

The seller has no withdrawal period after the sales agreement has been signed.

There are in a compromise of sale different conditions precedent which can end the sale if they are not carried out:
Condition precedent for obtaining a mortgage: this is the most common condition. It gives the buyer a minimum of one month to obtain his mortgage from a bank. If the buyer fails to obtain his credit, the sale will be canceled. The absence of urban planning easement: these are constraints or limits imposed on the owner by the urbanism certificate. The renunciation of the right of preemption by a public authority: in certain areas defined by administrative act, the municipality may benefit from a right of preemption on the sale of the property.

Depending on the situation, other special conditions may be added to the sales compromise. All the terms of the compromise will be included in the final contract of sale which generally takes place 3 months after the signature of the compromis.

Provence Luberon Sotheby's International Realty: Your expert in luxury real estate in the Luberon and Provence.

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