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Termination of the contract ! Is it possible, after signing a sales agreement , to reconsider one’s decision and obtain the cancellation of the sale?
A sales agreement is equivalent to a sale
This is a written preliminary contract by which the seller undertakes to sell a property at such a price to the buyer who undertakes to buy it. The two parties are then definitively committed and cannot reconsider their decision: the sales agreement is worth sale. Only the effects of the sale are delayed on the day of the signing of the authentic deed at the notary.
Is there a withdrawal period?
The buyer benefits from a withdrawal period of 7 days to reconsider his purchase decision. The sales agreement only becomes final at the end of this 7-day period. The 7-day period begins to run the day after receipt by the buyer of the copy of the sales agreement sent by registered mail by the seller. If he wishes to withdraw, the buyer must inform the seller by registered mail no later than the seventh day of this period. No amount can be demanded before the expiry of the withdrawal period, unless the compromise has been concluded through a real estate agent or a notary. As for the seller, he does not benefit from the withdrawal period and is definitively committed.
The suspensive conditions
Most sales contracts include conditions precedent. It is a condition of contract formation. It implies the occurrence of a specific event, future and uncertain, and beyond the control of the parties. This is the case, for example, if the buyer does not obtain his bank loan or a building permit. These suspensive conditions must be mentioned in writing in the sales agreement. They allow the parties to disengage without damage.
The withdrawal clause
The sales agreement may contain a withdrawal clause which allows the seller and/or the buyer to cancel the sale without reason, subject to financial compensation. This amount is freely set by the buyer and the seller, and is mentioned in the sales agreement. This clause allows you to have the possibility of reconsidering your decision despite the signing of the compromise.
If we waive the final sale
If the buyer waives the final sale at the time of the notarial deed, he is exposed to significant penalties. Indeed, the seller can seize the tribunal de grande instance to proceed with the execution of the forced sale of the property. In addition, if a penalty clause is provided for in the compromise, the purchaser will have to pay a sum (10% of the sale price) as fixed damages.
In the event of renunciation by the seller, the purchaser may claim damages for “refusal to sell” and also obtain the forced execution of the sale.
DAMY law firm , Nice, Rupture d’un compromise de vente, Update 2022.
