The compromis de vente, explained clause by clause.

Contents

1. Compromis or promesse de vente
2. What it contains
3. The conditions that protect you
4. Who can withdraw, and when
5. What to read twice
6. Frequently asked questions

Between the accepted offer and the final deed, buyer and seller sign a preliminary contract. It fixes the price and the conditions of the sale, two or three months before the keys. It is drafted by the notaire or by the agency, and it can often be signed electronically.

Compromis or promesse de vente

The compromis de vente commits both sides: the seller to sell, the buyer to buy, subject to the conditions written in it. The promesse unilatérale de vente commits only the seller, who reserves the property for you for a set time; you pay an option fee, often around 10% of the price, which you lose if you do not buy without a valid reason. Both are common; the compromis is the most frequent in my area.

What it contains

• The identities of the parties, the description of the property and of what is included.
• The price, the agency fee and who pays it, and the date planned for the final deed.
• The surveys (diagnostics), the planning information and, for an apartment, the copropriété documents.
• The deposit, usually between 5 and 10% of the price, paid to the notaire.
• The conditions precedent (conditions suspensives).

The conditions that protect you

• The mortgage condition: if you borrow, the purchase depends on obtaining your loan within a set time. If the bank refuses despite a genuine application, you get your deposit back.
• Pre-emption rights: the commune, and the SAFER for agricultural land, may have priority to buy. The notaire asks them.
• No mortgage or charge exceeding the price, and a clear title.
• Any specific condition you need, such as a planning permission for an extension, if it is written in.

Who can withdraw, and when

As a private buyer of a home, you have a 10-day cooling-off period after the signed contract is delivered to you. The seller has no such right. After the cooling-off period, if every condition is met and you refuse to buy, you lose your deposit. If the seller refuses to sign, you can go to court to force the sale or claim damages.

What to read twice

• The deadline of the mortgage condition: make sure it leaves your bank enough time.
• The list of furniture and fittings included, with their value if any.
• Works voted in a copropriété, and who pays them.
• The planned date of the final deed, if you have to travel.

If anything is unclear, ask before signing. I go through the compromis with my buyers in their language, line by line. I work in English and French every day. I also speak Hindi, Urdu and Punjabi fluently, Persian (Farsi) very well, and good Greek and Arabic.

Frequently asked questions