The Withdrawal Period of a Sales Agreement

A withdrawal period of 10 days to protect the purchaser against himself

The deadline for retracting a sales agreement is governed by the SRU (Solidarity and Urban Renewal) law. In effect since June 1, 2001, it allowed the buyer of real estate to cancel the contract within seven days of signing it.

This period is now 10 days since the MACRON Act of August 7, 2015 .

During this retraction period the buyer can therefore withdraw from the sales agreement without having to justify his decision to the seller.

The objective of the SRU Law is to protect purchasers who do not prepare their project against an impulse purchase they would regret and allow those who have not engaged in real reflection before signing to break the lead -contract.

This is the case for many tenants who buy from the first visit.

It is advisable to take your time and make several visits of the property at several times of the day to not regret his decision.

On the other hand, it is necessary to evaluate perfectly its budget and the whole of the future loads like the property tax, the heating or the expenses of displacement.

Finally, it is preferable to give oneself a sufficient period of reflection rather than having to assert his right of retraction once signed the sales agreement.

The sales agreement: a conditional contract

The sales agreement: a conditional contract

The ten-day period begins to run from the day after the receipt of the pre-contract. This must be sent by registered letter with acknowledgment of receipt. In the case of hand-deliveries, the period begins to run from the day of signing.

 

During the withdrawal period of the sales agreement, no deposit must be paid unless the signature takes place at a professional who has a financial guarantee. This is the case of a real estate agent or a notary.

In case of cancellation , the deposit paid must be returned within a maximum period of 21 days. Note that this measure was in force for the purchase of a new property on plan (apartment off-plan or construction of a house).

Apart from the right of retraction , the validation of the sales agreement remains suspended on the completion of the suspensive clauses such as the loan provisioning clause. In case of refusal of financing by one or more credit organizations, the compromise is considered to have lapsed.

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