What is the Compromis de Vente?
This is the document that binds the sale between the buyer and the seller, highlighting the key details in the property purchase. The document is prepared either by the notary or by the agency hired. Some of the key details include the location, identification and description of the property, the agreed payment amount, and the date of possession.
The next steps after signing the “Compromis de Vente” is, if relevant, to wait for any pending conditions. This can include financing and/or waiting for bank loans. This phase usually lasts 2 to 3 months before the actual closing of the acquisition. Following the signing of the “Compromis de Vente,” the buyer has a ten-day withdrawal option if need be. To close the sale, both parties need to sign the Acte Authentique.