Buyer unable to complete on house purchase

[Pichonette]

I found a buyer for my house through a local estate agency. I was told that the buyer had no trouble with the finances and that the sale would complete on 10th December. Since that time I have been told several other dates the last being the 10th of February. On double checking the date and time I was today told that there was no date for finalising the sale for the forseeable future. Both the Estate Agent and the Notary say that there is nothing to do but wait.

Surely there is some way for me to give the Buyer an ultimatum; a certain period of time to complete or I put it up for sale again.

I have had to sell the house as I am enemployed. I put the price of the house down to attract a Buyer but now I seem to be in a no win situation where the very people that you would expect to be looking after your interests don't seem to be remotely interested.

Can anyone advise me?

Pichonette

[Lou]

There should have been a "by the latest" date in your compromis de vente, it's usually approx three months from the compromis - unless everyone has agreed something different.

I'm surprised neither the notaire nor the estate agent are pushing as they won't get their money either until the sale completes.

Were there any conditions in your compromis which could account for the delay? eg mortgage, planning permission.

If the buyer doesn't have the money to complete then you need to get the notaire to write to them with a completion date and explain that they will forfeit their deposit if they can't complete. (assuming they did pay a deposit?)

It sounds like you need to push the agent and/or the notaire to at least give you the full picture.

Or even contact the buyer yourself and ask what's happening.

If you just pull out without knowing whats happening then you risk being in default yourself.

Lou

[AnOther]

Surely if the agreed date has past an owner can at least start to look for another buyer.

Chances of finding one in the time it might take for the original buyer to 'put up or shut up' might be slim but if by luck one did turn up the ultimatum could be issued.

[P-D de Rouffignac]

You have not said in your post if you have actually signed a 'compromis de vente' (pre-contract of sale) and if this has been countersigned by the prospective buyer. If this is the case, then as already stated, the 'latest date' for signature of the final contract should have been agreed and entered onto this document.

Again as already stated, certain conditions ('clauses suspensives') may have been inserted such as 'subject to survey', 'subject to planning consent', 'subject to securing a mortgage' (there is a fixed timescale for this latter) and once the conditions have been fulfilled, then the sale should proceed - or the purchaser forfeit the despoit paid on signature of the 'compromis'.

You need to clarify exactly what stage you are at in the process, then approach both the agent and Notaire firmly for an explanation of the delay. The French property buying process is specifically designed to prevent situations such as the one you describe from occurring.

I hope this helps - P-D de R.