Sales agreement

What is a Compromis de Vente?

In France the process for buying a home is different from what you are used to. Once you have reached an agreement on house and price, it is recommended to put this down in an “offre d’achat” (offer to buy) in which a period of for instance four weeks can be determined, to reach the buying contract, the “compromis de vente”. By setting up an “offre d’achat”, you will keep any other parties interested in “your” home, at bay and avoid ‘gazumping’. The “compromis de vente” will state all the information about the house, as well as the terms and conditions.

Amongst these could be a financing reservation, which means that the purchase is void if it appears that you are not able to obtain the necessary finances. These finances can be obtained through both British and French financial institutions. Generally speaking, French buying contracts are very much focused on the seller, so that they need to be complemented.

Obviously, you do not want to be unpleasantly surprised. We can establish the “compromis” in such a way that the seller has to provide a number of guarantees, i.e. in regard with the state of the building, any easements, and also any previous renovations. The seller has a legal obligation to provide you with a number of surveys about any presence of termites, lead-based paint and asbestos, as well as the state of the gas and electrical installations, the energy consumption, etc. These surveys have to be offered to you to view before signing the “compromis”.

In France the buyer has a period of time in which he can reconsider, meant to undo decisions that have been taken too hastily. This period is 7 days, counting from the day after receipt of the registered letter containing a copy of the “compromis” signed by all parties concerned. In the phase of the “compromis de vente” it is important to establish in whose name the house will be registered.

Do you want to let the children participate in the proprietorship in view of estate planning? Will you be buying the property with several people and have it registered in a so-called SCI (Société Civile Immobilière)? Should the surviving partner acquire the full proprietorship? Our office is at your service for screening the “compromis de vente”, advice about in whose name to register and all your questions concerning the French law of succession.