You have visited an apartment or house that you like, and you have agreed with the seller on the price. The next step is to sign the purchase and sale agreement (in french : compromis de vente).
What is a purchase and sale agreement ? It is an agreement between a buyer and a seller for a real estate property on given conditions. It can be written under private seal, by a real estate agent or a notary.
What does this agreement commit you to? The seller agrees to sell his property to you at a given price and specific conditions. The buyer agrees to buy this property under the defined conditions, subject to the fulfillment of conditions precedent, including that of obtaining a loan.
The buyer pays a deposit (as a rule, 5 to 10% of the sale price) and has a withdrawal period of 10 days after signing the agreement.
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