The Compromis de Ventre must be drawn up by a Notaire, which is equivalent to a solicitor in the UK, although an estate agent can draw this up, but must satisfy the Notaire. The Compromis de Ventre is essentially adapted for the seller, who wants the purchaser to be committed to buy. Once a Compromis de Ventre is signed by both parties, there is a cooling off period of 7 days, were the purchaser can rescind the transaction for any reason. But once the contract is signed the seller does not have the right to rescind.
After the couple came to view the house, along with 6 members of his family, they agreed on the asking price for the house. Now, as we are not fluent in French we were very dependent on our estate agent, who can speak fluent English. So the couple told our estate agent he had approval for a bank loan, (something like a bridging load), until he sold his house. So a date was arranged to sign the Compromis de Ventre around 12th January 2012, which the estate agent would arrange with a Notaire. Meantime it is necessary to have Termite and natural & environmental hazard inspections done to the house before this signing. This was arranged and completed on 6th January and is valid for 6 months. So all was going along well, and then the bomb shell dropped............ Century 21 telephoned a week before the signing to say the couple had been refused a bank loan. Although they were still very keen on buying the house, they would have to wait to sell their own house So the appointment to sign The Compromis de Ventre was cancelled and we went back to square one.
One good think about all this is, the couple let us know they hadn't the finance before The Compromis de Ventre was signed. But it is also a lesson for us, have the proof of finance before signing. If The Compromis de Ventre had been signed, and we didn't know the finance was not available, we would not have the right to rescind. Therefore our house would have been taken off the market, and we would have been waiting for the prospective couple to sell their house, before completion.
Todays quote"
'Perpetual optimism is a force multiplier'
After the couple came to view the house, along with 6 members of his family, they agreed on the asking price for the house. Now, as we are not fluent in French we were very dependent on our estate agent, who can speak fluent English. So the couple told our estate agent he had approval for a bank loan, (something like a bridging load), until he sold his house. So a date was arranged to sign the Compromis de Ventre around 12th January 2012, which the estate agent would arrange with a Notaire. Meantime it is necessary to have Termite and natural & environmental hazard inspections done to the house before this signing. This was arranged and completed on 6th January and is valid for 6 months. So all was going along well, and then the bomb shell dropped............ Century 21 telephoned a week before the signing to say the couple had been refused a bank loan. Although they were still very keen on buying the house, they would have to wait to sell their own house So the appointment to sign The Compromis de Ventre was cancelled and we went back to square one.
One good think about all this is, the couple let us know they hadn't the finance before The Compromis de Ventre was signed. But it is also a lesson for us, have the proof of finance before signing. If The Compromis de Ventre had been signed, and we didn't know the finance was not available, we would not have the right to rescind. Therefore our house would have been taken off the market, and we would have been waiting for the prospective couple to sell their house, before completion.
Todays quote"
'Perpetual optimism is a force multiplier'
