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| The Compromis de Vente |
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| Written by Administrator | |
| Wednesday, 07 July 2004 | |
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The buying process for a French property - The Compromis de Vente. This is a legal document that contains the sellers and purchasers details. You will have to provide full information about yourself including full name, contact details, job, birth certificate, marriage certificate, divorce details if applicable and passport copies. The comprimis will also contain the ownership details of the property, property desctiption including land numbers. The Compromis is drafted by the estate agent handling your sale or by the Notaire. A Compromis that has been prepared by the estate agency will need to satisfy the Notaire of it's legal validity in any event. The price that is agreed and the agreed deposit. The deposit price can vary and is often a small percentatge of the sale price. This is normally held by the Notaires office, as there can be circumstances that the deposit can be forfeited, ie pulling out of the sale. The compromis also includes any declarations about the property by the vendor. Details wil be listed about the arrangements for the property to be inspected for termites, lead and asbestos before the sale is completed. Full details about the estate agents fees and legal fees will also be covered. The Compromis can also include and Suspensive Clauses by both the purchaser and vendor with regard their ability to complete the contract. For example if the purchaser is unable to obtain a mortgage the sale will be null and void and the deposit will not be forfeited if all this is stated in the Compromis. There can also be penalty clauses if either party fail to complete their side of the bargain.
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| Last Updated ( Thursday, 14 December 2006 ) |
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