Have you found the property of your dream and you can't wait to sign the sales contract and take the keys to the accommodation? Before you get there, you have to go through a number of steps, including getting the financing, if you don't have the necessary funds in your hands yet. In order to prevent the opportunity from slipping through your fingers, you can then sign a sales agreement with the seller and then take the steps with a credit institution.
The purchase of real estate always involves the signing of a sales agreement. It is a kind of preliminary contract which marks the promise made by the seller to sell his property to a defined buyer, who in turn undertakes to buy the property from the seller. The signing of the sales agreement allows the two parties to the contract to put in writing their agreement on the property sold and its price. The general and specific conditions of the sale will also be included in the document as well as the suspensive conditions. The signing of a sales agreement is generally followed by the payment of a percentage of the price of the property which cannot exceed 10%.
It is a way for the buyer to affirm his commitment to continue the purchase of his property while waiting to find his real estate financing. The notary will then take care of many formalities prior to the signing of the final deed of sale, then a few months later, the buyer and the seller will meet to sign the deed. The sales agreement is valid until a deadline provided for in the contract which is important to respect. Indeed, in the event that the buyer decides to cancel the sale, he will not be able to recover his deposit except in the case where the sales agreement includes a suspensive clause.
After the signing of the sales agreement for a dwelling, the law grants the buyer a withdrawal period of 10 days. He thus has 10 days to reconsider his decision without having to justify himself. However, if a suspensive condition is indicated in the contract, the sale may still not take place. This is a clause that suspends the sale when it does not take place. In general, this clause concerns the obtaining of a mortgage by the buyer. Thus, in the event that financing is not obtained, the sale will not take place and the buyer is able to recover his 10% deposit. On the other hand, if the loan is granted within the period provided for in the promise of sale, the sale will take place. It is important to note that the existence of a sales agreement will in no way influence the decision of a bank. The conditions for obtaining a mortgage remain the same, whatever the project.
The sales agreement is a document whose validity is between 1 and 3 months. This period will be specified in the contract and it is the time available to the buyer to find his financing. Thus, if he wishes to honor his part of the market, he must make sure to release the funds before the deadline provided for in his sales agreement. To quickly obtain a mortgage, there is no other solution than to put together a solid and complete file. When all the documents necessary to assess your solvency are presented, the study of the file will be even faster. However, care must also be taken to meet all the requirements of the bank. In particular, you must have regular income, a stable professional situation and sufficient borrowing capacity for the amount requested.
