What happens if I have signed a Compromis de Vente but the mortgage is declined?
Once you have found your French property and a price has been agreed with the vendor, both parties will sign a preliminary contract called a Compromis de Vente and the buyer lodges a deposit with the estate agent or notary. The preliminary contract is binding to both buyer and vendor. The balance of the purchase price and all fees are payable to the notary before the completion date, when the vendor and buyer sign the definitive sales contract. Under French Law, if your mortgage is declined and you are no longer able to buy the property you will get your 10% deposit back. View our Compromis de Vente article for more information.