Step 3
Buy your property
If the seller accepts your purchase offer (by countersigning it), the legal process of formalizing the real estate transaction officially begins. The notaries and their team at the notary office will then take charge of your file to ensure the swift conclusion of the preliminary sales agreement (compromise or unilateral promise of sale).
Once the terms of the preliminary agreement are validated by both the seller and the buyer, a signing appointment is scheduled, and the deed is finalized in the presence of the notary. At this stage, unless agreed otherwise between the parties, the future buyer will pay a deposit (or immobilization fee) to the notary, usually set at 5% of the sale price. The notary will hold this deposit in escrow for the duration of the validity of the promise of sale.
Under the terms of this preliminary sales agreement, the seller is legally committed to selling, and the buyer is committed to purchasing (or compensating the seller in the event of an unjustified withdrawal – usually 10% of the sale price). As a promise of sale is a legal document with significant consequences, the notaries at the office are naturally available to explain the terms of your commitments and answer any questions before its conclusion.
After the conclusion of the promise of sale, once the 10-day withdrawal period has passed and all suspensive conditions for the sale are met (such as obtaining your loan), the seller and the buyer will meet again at the notary office to finalize the deed of sale. Prior to this meeting, the notary will send you a funds request listing the various amounts (price, fees, and taxes included) to be paid in order to complete the acquisition.
At the end of this meeting, ownership of the property is transferred from the seller to the buyer, and a copy of the deed of sale is provided to both parties, pending its registration with the Property Registration Service. The keys to the property are handed over to the buyer, and the sale price is paid to the seller.
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