The promise to sell is a preliminary contract that allows the buyer to benefit from an option to purchase a house. But how long does it take to sign the promise to sell? Camille, from the blog HomeDome.fr, answers you.
The promise to sell is a unilateral contract in favor of the buyer
A purchase promise is a contract that includes both the seller and the buyer of a property, but it remains particularly advantageous for the buyer. Indeed, the Seller commits to completing the sale under the conditions established and accepted by the Buyer. He then agrees to keep the sale of his property to the person with whom he signs the promise and cannot sell his property to another buyer for a certain period. The buyer thus has the option to acquire the property, but he also has the option to withdraw from the transaction and not complete it. Therefore, the promise to sell is also called a unilateral promise to sell.
Further reading : How to Manage a School Absence Note?
Signing the promise to sell for the purchase of housing
Theoretically, the purchase promise can be signed as part of a private contract, unless it is to be valid for more than 18 months. In this case, it must be made by an authentic deed and the signature must be made in front of a notary or a bailiff. If the promise to sell is made private, it must be registered with the tax authorities within 10 days of signing, and both parties must keep a copy. In practice, it is recommended to systematically use a notary, as the promise to sell must contain a number of legal indications and include several documents and papers.
Take between 2 and 5 weeks to sign the promise to sell
It takes between 2 and 5 weeks to sign a promise to sell. The writing time is quite long for the notary, who needs to gather more and more documents, and these documents are generally not provided to the broker or the notary when the property is put up for sale. The notary may therefore take several weeks to obtain all the necessary documents, and an additional delay in signing the final purchase deed with the notary is allowed.
Recommended read : Dream Interpretation: How to Analyze a Supernatural Dream