Withdrawal period for real estate buyers
When buying a property in France, some buyers benefit from a cooling-off period that allows them to reverse their decision without penalty. Here are the essential points to know on this subject.
Length of withdrawal period
Since the Macron law of August 8, 2015, the withdrawal period has been set at 10 calendar days. This period begins the day after the first presentation of the registered letter notifying the preliminary contract (compromis or promesse de vente) or its hand-delivery. If the last day of the period falls on a Saturday, Sunday or public holiday, it is extended to the next working day.
Goods covered by the cooling-off period
The buyer's right of withdrawal applies to the purchase of real estate for residential use, whether as a primary or secondary residence. It also applies to building plots within a subdivision subject to planning permission. However, property for professional or commercial use, as well as isolated plots of land, do not benefit from the buyer's cooling-off period.
Individual buyers benefit from the cooling-off period. This is not the case for professional buyers.
How do I exercise my right of withdrawal?
To exercise the right of withdrawal, the buyer must send a registered letter with acknowledgement of receipt to the seller or his representative (notary or real estate agent) before the expiry of the 10-day period. The date of dispatch is decisive for compliance with the deadline. No justification is required for withdrawal.
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Consequences of withdrawal
In the event of timely withdrawal, the preliminary contract is cancelled without penalty for the buyer. Any sums paid, such as security deposits, must be returned to the buyer within a maximum of 21 days from the day following the date of withdrawal.
Exceptions and precautions
It is important to note that the buyer's right of withdrawal does not apply to purchases made by real estate professionals or non-trading property companies (SCI) whose corporate purpose is the acquisition and management of real estate.
What's more, if the preliminary contract does not contain all the mandatory information, the cooling-off period can be extended until all the documents have been submitted.
Impact of the right of withdrawal on the offer to purchase
In France, when a private buyer makes an offer to purchase a property for residential use, he or she benefits from a right of retraction once the preliminary sales contract has been signed. The offer is therefore not binding. The seller, on the other hand, if he accepts an offer to purchase, is bound to sell his property to the buyer under the conditions expressed in the offer.
There's an imbalance here that's important for both sellers and buyers to be aware of.
In a competitive market, professional assistance, such as that provided by an apartment hunter, can be judicious in structuring an offer that takes account of the issues linked to this withdrawal period.
Conclusion: the right of withdrawal, security for informed decisions
The right of withdrawal is a measure that protects property buyers, giving them the time and space they need to validate their commitment with complete peace of mind. This 10-day cooling-off period helps avoid impulsive decisions and ensures that every stage of the acquisition is in line with the buyer's expectations and needs. By surrounding themselves with competent professionals, such as an apartment hunter and a notary, buyers can navigate this process with confidence, while maximizing their chances of success in a complex real estate market. This legal guarantee is a reminder that, even in the competitive world of real estate, priority must always be given to well-considered, secure choices.
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