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Property Purchase: 3-month Cooling Off Period?

Posted by HarleyRider58 - Created: 3 years ago
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6 replies (Showing replies: 1 to 6)

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Posted by HarleyRider58 - 3 years ago

Thanks everyone!!!  I knew about the 7 days from when we bought our property; it was just this 3-month thing that sent shivers down my spine.....

 

 

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Posted by Reveuse-918439 - 3 years ago

As Kenova mentioned, it could be that the buyer needs to get a mortgage, in which case there will probably be clause in the compromis that gives them 3 months to get the mortgaged arrange, and if they try but fail, there is no penalty.

But this does not apply to 'any buyer of French property'. It only applies if it's specifically written into the compromis.

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Posted by aramanta - 3 years ago

It's 7 days after receiving the contract from the estate agent/notaire. Only applies to the buyer. The seller is bound as soon as he/she sIgns this first contract. We got our contract via registered post - with a slip to sign to confirm receipt of contract. The signed slip is sent back and this is when the 7 day clock starts tIcking. From a buyer's point of view this is good because it prevents gazumping. if you are selling and want things to move quickly the faster you can sign your documents the better to get the process started. 

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Posted by Kenova - 3 years ago

They have 7 days to withdraw with no penalty, after that they will lose the 10% of the compromis!

The three months are probably due to the fact that you have some land attached and it needs to go through the SAFER comission first- it can be avoided, by paying a 100€ fee, but you have to tell the notaire

If it's not about land, then maybe there are some more studies than need to be made, but anyway they won't be able to withdraw without losing the deposit. Unless maybe they are taking a loan and the final signature is conditioned by it, in which case if they don't get the loan, the compromis is void

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Posted by buster-784461 - 3 years ago

Is this  3 months from when they move in !!!!

 

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Posted by Reveuse-918439 - 3 years ago

The cooling off period is 7 days, not 3 months....