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What is a compromise?
Legal documents
The compromise is a preparatory contract, a preliminary contract, which makes it possible to fix the agreement between the seller and the buyer of a property, before being able to sign the authentic deed of sale at the notary. Indeed, in view of the many formalities that it is necessary to complete before signing a notarial deed of sale, it is usual to have recourse to this preparatory act.
The sales agreement is also called a synallagmatic (or bilateral) promise of sale.
The compromise defines the conditions of the sale and the commitments of the seller and the buyer. It also makes it possible to inform the buyer through real estate diagnostics , or the surface of the condominium lot that is sold. It is customary for the buyer to pay, in support of the compromise, a deposit generally equal to 10% of the sale price.
The compromise also makes it possible to determine the terms of the financing used by the buyer, when the latter resorts to the loan. In his efforts, the buyer will use the compromise in support of his loan applications.
Note : the buyer has every interest in filing his loan application with at least 2 credit institutions, in order to multiply the chances of obtaining his loan. The compromise may also require him to contact a specified number of establishments.
Once the compromise has been signed, the notary will begin the formalities necessary for the establishment of the authentic deed.
The sales agreement is also called a synallagmatic (or bilateral) promise of sale.
The compromise defines the conditions of the sale and the commitments of the seller and the buyer. It also makes it possible to inform the buyer through real estate diagnostics , or the surface of the condominium lot that is sold. It is customary for the buyer to pay, in support of the compromise, a deposit generally equal to 10% of the sale price.
The compromise also makes it possible to determine the terms of the financing used by the buyer, when the latter resorts to the loan. In his efforts, the buyer will use the compromise in support of his loan applications.
Note : the buyer has every interest in filing his loan application with at least 2 credit institutions, in order to multiply the chances of obtaining his loan. The compromise may also require him to contact a specified number of establishments.
Once the compromise has been signed, the notary will begin the formalities necessary for the establishment of the authentic deed.
Good to know
The seller must inform the buyer about the condition of the property sold by providing him with a technical diagnostic file, to which is added, for condominium lots, since March 2014 with the Alur law, a dozen documents allowing the buyer to know both the organization of the condominium and its financial situation.
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