IMPORTANT UPDATE: Change in the law. As of August 2015 the seven day cooling off period is now 10 days. This change came about via the Loi Macron. So substitute 10 for 7 in the details below. Verify with your notary that this law has not changed again after you read this article dated 2014.
When you are buying a French property and you have signed the first contract (compromis de vente / sale and purchase agreement) you are entitled to a seven day cooling off period.
This ‘cooling off period is called in French ‘7 jours de retractation du consommateur’ (Learn details on French government site)
This option to withdraw from the contract is only available to the French property buyer and is not available to the French property seller. The seller is legally bound to the contract once he has signed the ‘compromis de vente’.
There are specific details related to property purchases in France and your right to the seven day cooling off period so we recommend you confirm with your French notary if you have the legal right to have this option.
We have heard it is not available for specific types of purchase and it is not available to French property buyers who are making a purchase vai a SCI (Société Civile Immobilière) or if you are a registered property professional in France. Get legal advice before you sign.
Note: Get details on when the cooling period starts by speaking with an english speaking notary. Find an English speaking notary via this link
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