If you are buying property in France, you might feel overwhelmed by the paperwork. Your heart says ‘This is my dream house’ but your logic sense whispers ‘Watch your back, they’re all French…’ Luckily, we are in Europe and the buying process has become very transparent, especially in France. And of course, you have the friendly Dutch people from Living on the Côte d’Azur to assist you! Here we explain the differences between Offre d’achat, Promesse de Vente and Compromis de Vente.
What is an Offre d’achat
Once you are you happy with the final price, the selling real estate agent will propose an ‘offre d’achat’ for the existing property. The main aspects of the property are in this paper described, such as address, lay-out, size and separately made agreements. This information is signed by both parties and then the notary will use this info to make a provisional purchase agreement. This agreement should be signed within 30 days of the ‘offre d’achat’.
Offre d’achat is a unilateral promise from the buyer to the seller. The potential buyer indicates that he wants to purchase the specified property within a specified period. However, it does not guarantee that the house must also be sold to the buyer. The offre d’achat largely describes what you wish to buy. If the term expires and buyer and seller do not agree, then the offer will expire.
What is La Promesse de Vente
La Promesse de Vente is a unilateral promise by the seller. Seller agrees with this “Promise of Sale” that he agrees to sell the property at a certain price for a given period. The buyer pays 10% and gets a period of 7 days to rethink the decision and stop the buying process. If the notarial deed is on for signing, your 10% of the purchase amount will be deducted and you will pay the remaining amount. If you do not provide a timely notice of cancellation and you have no decisive reasons (such as reserve funding) then you will be in default and the seller may retain your 10% deposit.
What is a Compromis de Vente
The Compromis de vente is a purchase agreement between the two parties. The seller agrees to sell his property, while the buyer agrees to buy the property for an agreed price. After signing the initial purchase agreement, you always have a right of withdrawal of 7 days as a buyer. In addition, it has suspensive terms, which means that the purchase will not continue under certain conditions such as not obtaining a loan. Source
If you want to choose from quality existing properties, you can work with Living on the Côte d’Azur. We’ve been active in French Riviera real estate since 2006 and only work with professionals. Our services to find suitable existing properties, negotiate a fair price and find a notary that talks English are free of costs. Call or WhatsApp with Ab and Jo on +33770186203 or mail us at email@example.com We are open seven days a week to give you the best service available on the Côte d’Azur.