Publié par Eric Bertrand, le 20 April 2018

Sell a real estate in compromise of sale or in promise of sale ? 

When one decides to buy or sell a property, a long process is undertaken. These exchanges between the buyer and the seller, when they result in a concrete agreement, can be supported by a promise of sale or certified by the signing of a sales agreement. What are the differences between each of these two contracts? Tradim Real Estate gives you some answers !

What is a promise to sell ?

signature compromis de vente 1

In concrete terms, when a promise to sell is signed, it is the owner who makes a commitment to the buyer: he promises to sell a property at a specific price. This is known as a unilateral contract, contrary to the signing of a sales agreement, which is termed synallagmatic (in other words, each of the two parties commits each other).
In other words, the property is as "reserved" to the buyer, who then takes an option over it over a period of up to three months.
During this period of time, the beneficiary is free to think, and to decide if he finally wants to buy the house concerned. For its part, the seller is required by law not to sell the property or to offer it to another potential buyer. This situation is therefore particularly favorable to the buyer! But if he ever renounces the acquisition, he must compensate the seller for 10% of the purchase value.

What is the signing of a sales agreement ?

signature compromis de vente

As mentioned above, the signing of a sales agreement represents a mutual commitment of both parties. In other words, the owner-seller and the buyer have the same degree of involvement in the transmission of housing, at a fixed price.

As such, in case of renunciation by one or the other party, the second is entitled to legally compel it to do so. It is possible to seize justice and claim damages for reparations.

At the time of the signing of the sales agreement, the buyer must pay between 5 and 10% of the amount of the house: this is the deposit. This sum is of course deducted from the total price once the deed is signed !

In both cases, these contracts do not constitute a legal obligation, but are nevertheless a document of primary importance so that everyone is assured of the outcome of the real estate transaction. It is therefore highly recommended to proceed to the realization of at least one of them.

Is there a withdrawal period to sell a property ?

signature compromis de vente

You want to sign a contract prior to the acquisition or resale of your home, and you wonder if you will be able to retract without penalty in case of unforeseen? Whether it is a unilateral agreement or the signing of a sales agreement, there is indeed a withdrawal period of ten days.

These ten days are incompressible when the contract is signed. This is the only time you will have the opportunity to give up your commitment. This will require you to send a registered letter with acknowledgment of receipt. 

The reason given for your withdrawal can not be taken into account in case of dispute. In any case, as long as you act before the end of this period, all monies paid must be returned. For added security, consider having this contract written by a legal professional. You will avoid many disappointments and will be sure to exchange with your interlocutor in a favorable environment !