Compromis de vente and Sous seing privé
What is a Compromis de vente/Sous seing privé?
THE SOUS-SEING IS SIGNED BETWEEN BUYER AND SELLER AND USUALLY ORGANISED BY AN ESTATE AGENT.
THE COMPROMIS DE VENTE IS SIGNED BETWEEN BUYER AND SELLER AND ORGANISED BY THE NOTAIRE
They both require the same information and represent the initial agreement for the sale of the property.
Both are legally binding but temporary agreements between buyer and seller providing the following information.
– Details of house and land (It is recommended that you visit the Mairie (town hall) in the area where you are buying the property before proceeding further with the sale. It is here that you will find the cadastres (land registry) and will be able to check that all details match the sous seing ) You may also wish to check the cahier des charges which lists building conditions and regulations for your area)
– Price of property including agent fees
– Sollicitor’s fees
– Methods of finance
– Deadline for obtaining mortgage/loan (no less then 30 days from first signing.)
– Conditions which may prevent Sale ( conditions suspensives ) (make sure that your agent/sollicitor is aware if you are taking out a loan for the property. If the finance is refused you are legally entitled to a full refund of any monies paid)
Other conditions may be building permission etc
Approximate date for final exchange of contracts (usually around 3 months)
– Legal requirement for buyer of 7 days period (this starts on the day after the reception of the sous seing or the compromis de vente which will be sent to you by registered post)
– Details of your deposit to be paid into a closed account (usually up to 10% of the purchase price)
Documents that should accompany the Compromis de Vente
The vendor should supply a certificate relating to the absence (or presence!) of termite infestation dated within the last three months. If there is infestation, the vendor must make a commitment to disinfect the property at his expense. On the day of the final signature, a new certificate should be provided.
If the property predates January 1948 and is in a risk area (as decreed by the prefecture), the vendor must supply a report to show that tests have been carried out to check for the presence of lead and/or asbestos in the property. This report is valid for one year.