- What is a sales agreement
- How the sales agreement works
- Drafting a sales agreement
- Signing of a sales agreement
In real estate, the sale of a property is generally done in two stages : signing a sales agreement, followed by the signing of the authentic deed of sale with a notary. The sales agreement is an important legal document that commits the parties to the real estate transaction.. Find out in detail what a sales agreement is, what is it for, what are the conditions for its drafting and how to sign it.
What is a sales agreement ?
The sales agreement, also called “synallagmatic promise of sale”, is a contract that binds both parties in the sale of real estate. It sets the conditions of the transaction, such as the selling price, payment terms, the deadlines for completing the sale, THE real estate diagnostics to achieve, suspensive clauses, etc. It is in a way a foreshadowing of the final act of sale.
What is a sales agreement for? ?
The sales agreement has several objectives. First of all, it allows you to set the conditions of the sale, so that each party has a clear and precise vision of what is expected of them. It also makes it possible to formalize the agreement on the sale, which commits both parties to respect their obligations until the signing of the final act. Finally, it serves to protect the interests of the parties, by setting the conditions for canceling the sale in the event of non-compliance with commitments.
How to write a sales agreement ?
The sales agreement must be drawn up in writing, preferably by a real estate professional or a notary. It must include a certain number of mandatory information, such as the names and addresses of the parties, the description of the property, the sale price, payment terms, the deadlines for completing the sale, real estate diagnostics to be carried out, suspensive clauses, etc.
The parties can also add specific clauses, such as additional conditions precedent, a penalty clause in the event of non-compliance with commitments, a non-competition clause, etc. It is important that all clauses are clear and precise, in order to avoid any ambiguity or misunderstanding.
How to sign a sales agreement ?
Once the sales agreement has been drawn up, it must be signed by both parties. This signature can be done in the presence of a notary., who can possibly verify the validity of the annexed documents, such as real estate diagnostics. If both parties cannot be present simultaneously, the compromise can be signed remotely, using an electronic signature.
Once the sales agreement is signed, the buyer has a withdrawal period of 10 days. During this period, he can renounce the sale without justification and without penalty. After this time, the sale is considered final and the parties are committed to respecting their commitments.