|
Conveyancing can be neatly divided into two types of transaction: the purchase of an existing property and the purchase off-plan.
For an existing property, the buyer is asked to move quickly to a binding contract either called a compromis or a promesse de vente. It usually contains conditions — conditions suspensives — relating to planning, finance and title matters. A 10 per cent deposit is payable but there is a seven-day cooling-off period giving the buyer the right to withdraw. When the contract is sent to the notaire, appropriate searches are made with important consumer clauses inserted relating to the presence or absence of termites, asbestos or lead in the property. When the conveyance is signed, an original is sent to the land charges registry and an officiai copy (expedition) is sent to the buyer.
|
