Compromis de vente
Once your offer has been accepted by the property owner you will both need to sign the Compromis de vente.
The Compromis de vente is a legal contract which commits the vendor to selling the property to the buyer, and also commits the buyer to buying the property from the vendor.
Either your notaire (solictor) or the estate agent can draw up the contract. When you come to signing the Compromis de vente you’ll need to pay a deposit.
Read the Compromis de vente carefully
Because the Compromis de vente is a legally binding document, it’s very important that you read everything carefully to make sure it's correct. If you are unsure about anything, check it with your notaire before you sign it. It is particularly important to pay close attention to the let out clauses (clauses suspensives).
Let out clauses (clauses suspensives)
Let out clauses allow the buyer to withdraw from the contract and get back the deposit. As a buyer these clauses typically protect the notaire fees and agency fees you have paid when you agreed to buy the property.
One of most common clauses is that your agreement to buy the property is subject to you obtaining the mortgage. Other clauses can include asking the vendor to carry out repairs or alterations.
Signing the Compromis de vente
On the day you sign the Compromis de vente you will be required to pay a deposit of around 10%, although typically this is less for new properties under construction or properties that are under five years old.
We strongly advise that you pay your deposit by cheque to your notaire or estate agent and not to the vendor. The deposit will then be held by them until completion.
More information
If you would like more information on the Compromis de vente or anything to do with buying a property in France, get in touch with us. You can find all our details under contact us.