Time between the signing of the promise of sale and the final signature
Once you have found the apartment of your dreams, made an offer to purchase that has been accepted, here is how the steps that will mark your acquisition will take place:
Deadline for signing the promise of sale
The signing of the promise to sell will generally take place between fifteen days and one month after reaching an agreement on the sale price. This slowness is explained by the large number of documents that must be collected in order to be able to write it.
Security deposit
On the day of signing, you will have to file a fixed asset allowance of, in most cases, between 5 and 10% of the purchase price. This sum will be sequestered by the notary or by the real estate agent, if the signature is done in an agency.
ADVICE : although the compensation is locked in, it will be debited from your account. We therefore advise you, as soon as you start your real estate search, to have 10% of your budget in cash.
Who determines the amount of compensation?
It is 10% of the net selling price. However, most of the time, buyers and sellers agree that only 5% of the sale price is sequestered.
The period between the promise of sale and the final sale
The retraction
As an individual, you will have 10 days after signing the promise of sale to cancel your purchase.
How long does it take between the signing of the promise and the authentic act
This will mainly depend on whether the acquisition is made with or without a mortgage.
With a mortgage
In this case it will take at least three months. This is the time required for the banks to examine the file.
IMPORTANT : when the promise of sale is signed, send as soon as possible to your banker or broker the documents necessary to create the credit file.
Without real estate credit
Depending on the type of property, the city and the neighborhood where it is located, the final sale can be done more quickly. This is a point that you will have to validate with your notary.
