Commitment to sell: withdrawal

Commitment to sell: withdrawal

After signing an agreement of sale, the buyer has a right of withdrawal and can reverse its decision. But this right of withdrawal is subject to certain conditions.

Time limit

By signing the sale agreement, the buyer is in principle committed to buy the house or apartment. However, the law (Article L271-1 of the building code and housing) allows it to benefit from a period to reconsider its commitment. Since Macron law, the period is 10 days (against 7 days earlier). It starts from the day after the first presentation of the letter notifying the deed to the purchaser (either by registered mail or by personal delivery). If the last day of the period falls on a Saturday, Sunday or a holiday or holiday, the deadline is extended until the first working day thereafter.

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The advice of Eric Roig, founding director of droit-finances.net

formalities

To reverse its decision, it should respect the formalities required by the legislation. This requires the acquirer to submit his decision to withdraw by registered letter with acknowledgment of receipt. For a sample letter to send, see our letter of withdrawal model of a promise of sale.

If the sale agreement designates inseparably two spouses married in community of property, the withdrawal of a cookie that of the other (Case No. 16-17856 of the 3rd Civil Chamber of the Supreme Court of 14 September 2017).

Restitution of compensation

If the seller is a professional, and that the sale was for a new home or future state of completion, an immobilization compensation may possibly be provided in the sale agreement.

In case of withdrawal, the amount paid to the seller must be recovered by the purchaser.

Article L271-2 of the Building and Housing Code provides that professional fund holder must return the money within 21 days from the day following the date of withdrawal.

See as well Sale agreement and preliminary contract
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