Once your offer has been accepted by the vendor, the Estate Agent or Notaire will complete the Compromis de Vente or Preliminary Sales Agreement. This written document is a binding agreement between the vendor and the buyer. Note, there is a cooling off period of 7 days.
You must pay a 10% deposit of the agreed price. This money is yours and kept by the Notaire in a special notarial account as a guarantee until the purchase is completed or cancelled. The property will then effectively be taken off the market. After signature of this document, a loan will need to be obtained where necessary.
It takes between six and twelve weeks for the Acte de Vente or Deed of Sale to be complete and ready for signature by the parties. As well as drafting the Acte de Vente, conducting planning and other searches and enquiries with the local authorities, the Notaire will also act on behalf of the lender if a loan is being used for the purchase of the property.
Signature is made at the Notaires’s office, the buyer pays the balance of the purchase price and the legal fees and taxes to the notaire. When all the extensive paperwork is completed and the house is insured, you can receive the keys of your new home.