The Cooling Off Period

Seven Days

Once the Compromis has been signed by both buyer and seller, a buyer has a seven day “cooling off” period. This time does not include week-ends or Bank Holidays. During this time, he can withdraw from the sale without penalty but the vendor cannot. If the buyer exercises this right, a registered letter must be received by the Notaire before the seven days has elapsed.

Transfer of Deposit

Once the cooling off period is complete, the contract is binding on both parties. The deposit is normally 10 per cent of the net purchase price, and will be required by the end of the cooling off period if not before. The Compromis is now a binding contract (subject to the clauses Suspensives) and if the buyer withdraws, he could lose his 10 per cent deposit.

Searches etc

Once this period has elapsed, the Notaire starts the process of verifying satisfactory outcomes to all of the clauses suspensives, including ensuring clear title.