The compromise or synallagmatic promise of sale is the first act that seals the agreement of the parties on a sale. We speak of a “pre-contract” because it is preparatory to the signing of the final act. The seller declares that he wants to sell his property to the buyer, who in turn declares that he wants to buy it, under the conditions specified in the contract. Much more than a simple agreement in principle, the sales agreement is a real contract. With the ISO agent program now you can get the best choices available.
The sales agreement is equivalent to sale when there is agreement on the item and on the price. The parties are therefore definitively committed, except for the purchaser to retract within the legal period if the conditions for the implementation of this retraction are met. If one of the parties were not to sign the final act after the fulfillment of the conditions precedent, the other would be entitled to seek legal enforcement of the sale or the payment of damages. With each sale, its compromise:
The content of the compromise must be perfectly adapted to the personal situation and to the wishes of the co-contractors, sellers as well as buyers.
They constitute a real security for the parties, because the sale only takes place if they happen. One is mandatory when the buyer is an individual and declares that he has used a loan to finance the purchase of his home: this is the condition precedent for obtaining a loan. If necessary, it is also necessary to mention the conditions precedent relating to the right of preemption of the municipality, the mortgage status of the property, the obtaining of a building permit or the non-opposition to a declaration of works, especially.
The Sales File
To the compromise must be annexed certain documents and documents including the file of real estate diagnostics, in particular. In addition, the purchaser of a co-ownership lot located in a building for total or partial residential use certifies at the time of signing the sales agreement that the documents required by Article have been delivered.
Note: if all the documents have not been given to the buyer at the latest on the date of signature of the sales agreement, the start of the withdrawal period is postponed.
How Is The Signing Of A Sales Agreement?
The real estate agent or the notary brings the parties together for the reading and signing of the compromise. This is drawn up in as many original copies as there are parts. Unlike the unilateral promise of private sale, the private agreement of sale does not need to be registered with the tax authorities. Voluntary registration with the Land Registry Service e.g. Conservation of mortgages, in the category of unnamed deeds (fixed fee), may however sometimes be advisable in order to give a certain date to the deed and make it enforceable against third parties.
In order to guarantee his commitment, the buyer is generally required to pay a deposit (between 5 and 10% of the price), which will be deducted from the sale price when signing the final deed. This deposit will be refunded to the purchaser if he retracts under the legal conditions 3 or if a condition precedent is not fulfilled within the time limit. This deposit can be paid to the real estate professional (if he is authorized to do so and has the necessary financial guarantee) or directly to the seller’s notary.
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