Found your dream property and ready to sign the purchase contract to get those keys? First, navigate key steps like securing financing if you don't have the full amount ready. To hold the deal in place, sign a sales agreement with the seller while you arrange your mortgage with a lender.
Every real estate purchase begins with a sales agreement—a binding preliminary contract. Here, the seller commits to transferring the property to you, and you agree to buy it. This document details the property, sale price, general and specific conditions, and suspensive clauses. Upon signing, buyers typically pay a deposit of up to 10% of the price.
This deposit underscores your commitment as you finalize financing. The notary then manages pre-sale formalities, culminating in the final deed signing a few months later. Respect the contract's deadline: backing out without a suspensive clause means forfeiting the deposit.
Post-signing, French law gives buyers a 10-day withdrawal period—no questions asked. Suspensive clauses offer extra protection, such as one tied to mortgage approval. If financing isn't secured, the sale falls through, and you reclaim your 10% deposit. If approved within the timeframe, the deal proceeds. Note: banks evaluate loans on their merits, unaffected by the sales agreement.
Sales agreements are valid for 1-3 months, as specified in the contract—your window to obtain funding. To meet the deadline, prepare a comprehensive application showcasing your solvency. Include all required documents for quicker review. Lenders prioritize stable income, secure employment, and adequate borrowing capacity for the loan amount.
