buying a French property

[Jan]

Could anyone tell me the difference between a promesse de vente and a compromis de vente please? We are about to receive a compromis but are a bit confused about the two contracts and don't want to sign without fully understanding.

[Pommier]

http://www.notaires.fr/notaires/compromis-et-promesse-de-vente

[dawnwoods]

Hi, it's Dawn here. Just joined the forum and thought I might be able to help. I am an estate agent in Chamonix.

I hope this information answers your question:

One major difference between the two types of contracts is in actual the process itself:

-A promesse can only take place through a notaire, whereas a compromis can be directly between the parties or via an estate agent.

-Notaires use both forms of contract, but , more often than not, the compromis is being utilized as there is a clear reciprocal obligation in the contract.

-While the content of the two types of contract is essentially very similar, notaires and estate agents often use their own, or different standard forms of contract, which may or may not be be to your advantage . This is especially the case in concerning conditional clauses (also known clauses suspensives) Please be absolutely sure that the conditional clauses contains all of that you need: mortgage, etc.

Promesse de Vente

A promesse de vente (also known as a promesse unilatérale de vente, ) is an option to buy the property granted to the buyer by the owner for a specified price and a specified duration.

The length of the option in "standard purchases" is agreed upon by both parties and is normally around three months; however, in certain cases it may be up to a year or more year or more, when concerning properties bought off of architectural plans.

A deposit of up to 10% of the purchase price is made on signing of the agreement. The purchaser has seven day cooling off period, in which time they may withdraw from the contract without penalty.

After this seven day period, if there is no withdrawal , the buyer is legally bound to purchase the property (depending on any conditions contained in the contract), or their deposit will be forfeited.

Compromis de Vente

A compromis de vente ( also known as a promesse synallagmatique de vente) is a sale and purchase agreement, with a clear bilateral obligation.

A deposit of up to 10% of the purchase price is made on signing of the agreement and the purchaser has seven days during which time they can withdraw from the contract without penalty.

Under the contract the owner agrees to sell to the purchaser and the purchaser in turn agrees to buy from the owner, subject to any conditions that may be stipulated in the contract.

Hope this info is of use...all the best with it! Dawn