VIDEO - What are the cooling-off periods and the terms for giving up the acquisition of a property without paying penalties?
As a buyer, you have 10 days after signing a pre-contract, that is, a promise or a sales agreement to reverse your decision. Within this period, provided by law, you never have to justify yourself or compensate the seller. This option applies to all housing purchases, whether new or old, whether the property is a primary or secondary residence. According to Benjamin Noblinski of the Paris Chamber of Notaries, "This is a fundamental question.
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As notaries, we regularly emphasize this point. Individuals who promise to buy a residential property benefit from a 10-day cooling-off period. "Enrollment with the Law for Growth, Activity and Equal Economic Opportunity, (No. 2015-990 OJ of 7 August 2015), this period has been increased to 10 days instead of 7 previously.
When does the legal withdrawal period begin?
"Concretely and as an example, you sign a promise of sale that is sent to you by registered letter with AR by the notary or the real estate agent. It is from the day after receipt that you have 10 days to retract. The first presentation is when the postman comes to your door. If you are going to pick up the mail 15 days later at the post office, the deadline will have expired. It is therefore essential to know that if you sign a promise and leave for 15 days on vacation, the deadline will be closed and you will not be able to retract. "Warns Master Noblinski. Note that if the 10th day falls on a holiday, for example on July 14, the deadline is extended to the next business day. Then and in the other direction, you must send a letter to the seller by registered mail with AR to inform him that you renounce the transaction.