What is a Compromis de Vente?
This is a legal binding contract made between the buyer and seller once they have both agreed on a purchase price. At the time of signing, which can be done in person or by post, the buyer must give a 10% deposit to be held in trust with a notaire. Unlike the seller, the buyer will have a seven day cooling off period during which he may recind his offer without penalty. After the cooling off period ends, your deposit is only refundable if any of the let-out clauses are fulfilled. Similarly if the seller withdraws from the sale, the Compromis will state what penalty the seller has to pay to you. If you are getting a French mortgage, the Compromis will include a clause suspensive which means if the mortgage application is declined, you walk away from the purchase losing nothing.
