Publié par Eric Bertrand, le 21 December 2017

Signing a sales agreement: mistakes to avoid

The acquisition of real estate is an important event, the result of a long wait and careful preparation. When negotiations finally lead to a sales agreement, the feeling of accomplishment and euphoria can quickly win both the current owner and the buyer. Such an agreement corresponds to the purchase and sale commitment on the part of both parties.

But this moment of grace must not lose sight of the final goal of the exchange: the transaction! We offer you a little overview of the pitfalls to avoid.

To give too little importance to the procedure of the sales agreement

On the owner's side, it is important to check that all the necessary documents have been delivered to the buyer after the signing of the sales agreement. The latter has indeed a withdrawal period of ten days (since August 8, 2015 before it was 7 days), which starts only from the moment it receives all documents (the day after the first presentation) the registered letter or hand delivery in case of genuine promise)!

Since the Alur law, this point is all the more important as a large number of additional written documents must be transmitted concerning condominiums. These documents are intended in particular to inform the purchaser of the operation of the building, and its financial statement.

Moreover, the technical diagnoses must be carried out with care, as much for the buyer as for the seller. In fact, the purchaser is thus assured to purchase in full knowledge of the facts, and the owner can assert his guarantee hidden defects in case of dispute.

Be elusive about how to finance

It goes without saying that a sales agreement contains conditions precedent. In other words, clauses involving the breaking of the commitment. This is particularly the case with regard to the mode of financing expected by the buyer.

It is therefore important that the latter indicates how he plans to finance his purchase. If he is considering taking out a mortgage, this information must be included in the agreement. Because if the loan is not finally granted to him by his bank, the sale will certainly not take place, but it will not have any compensation to the seller.

On the other hand, it is essential to specify the conditions for obtaining the loan, as well as its duration, its terms of repayment and its interest rate. By displaying this information on the agreement, the owner can not turn against the other party. He can not, for example, accuse him of not having given himself the means to obtain his loan.

Do not ask for down payment, or pay it to the wrong person

In concrete terms, signing a sales agreement is equivalent to selling. It is also possible for the seller to appeal to Justice to force the buyer to buy if he refuses to put the sale into effect. So you can take steps if you find yourself in such a situation. But obviously, you will end up with a long procedure, which may weigh on your budget in the long run.

A simple solution avoids this kind of disappointment: the down payment. This practice is not considered a legal obligation, but undeniably represents an almost indispensable security! Its impact is twofold: on the one hand, it acts as a deterrent to the buyer, and on the other hand it allows the owner to retain a form of compensation in the event that the other party withdraws. In general, this deposit is of the order of 10%, and is deducted from the total price of the property purchased.