What Is a Compromis de Vente? A Guide for Property Buyers in France

If you are buying a property in France, you will probably come across the term compromis de vente fairly early in the process.

For international buyers, particularly those coming from the UK or the US, this can be one of the more confusing parts of buying a French property. What exactly is it? Is it the same as exchanging contracts? When do you pay a deposit? Can you change your mind? And what happens if something goes wrong?

The compromis de vente is a very important document. It marks a significant step in your journey towards owning a property in France, so it is essential to understand what you are signing before you put pen to paper.

Here is what property buyers need to know.

What Is a Compromis de Vente?

A compromis de vente is a preliminary sales contract between the buyer and seller of a property.

It sets out the terms and conditions of the sale and confirms that both parties have agreed to the transaction.

Once signed, it is a legally binding agreement, subject to any conditions suspensives, or suspensive conditions, that have been included in the contract.

You can think of it as the formal agreement that says:

The buyer agrees to buy the property, and the seller agrees to sell it, subject to the agreed conditions being met.

It is an important milestone because the sale is no longer simply an informal agreement between buyer and seller.

However, signing the compromis does not mean that you become the owner immediately. The final transfer of ownership takes place later, when you sign the acte authentique de vente, usually at the notaire's office.

Who Prepares the Compromis?

The compromis de vente can be prepared by a notaire, an estate agent, or another appropriately qualified professional involved in the transaction.

You do not necessarily have to use the same notaire as the seller. In France, both the buyer and seller can have their own notaire involved in the transaction, with the notaires working together rather than charging two sets of full notaire fees.

For an international buyer, having your own notaire can be reassuring, particularly if you want independent advice about the contract and the legal implications of the purchase.

The important thing is that you understand the contract fully before signing it.

What Does the Compromis de Vente Include?

The exact contents will vary depending on the property and circumstances, but the compromis will typically include details such as:

• The identity of the buyer and seller

• The full description and address of the property

• Details of any land included in the sale

• The agreed purchase price

• The proposed completion date

• Details of the estate agent and any agency fees

• Information about the property and its boundaries

• Details of any existing rights or easements

• Relevant diagnostic reports

• Details of any fixtures and fittings included in the sale

• Any conditions that must be satisfied before the sale can proceed

The contract should provide a clear picture of exactly what you are buying and under what circumstances the sale will go ahead.

This is why it is so important to read the document carefully.

What Are Conditions Suspensives?

One of the most important parts of a compromis de vente is the section dealing with conditions suspensives.

These are conditions that must be met before the sale can proceed.

If a condition is not met, the contract may be cancelled without the buyer being considered to have breached the agreement.

The conditions included will depend on the circumstances of the purchase.

For example, if you need a mortgage to buy the property, the compromis should include a mortgage condition. This protects you if you are unable to obtain the necessary finance, provided you have complied with the terms of the condition.

Other conditions might relate to:

• Planning permission

• The sale of another property

• Obtaining permission for a proposed renovation

• The result of certain searches or investigations

• The removal of a right of way

• Confirmation that a particular use of the property is permitted

This is particularly important if you are buying a property for a specific purpose.

For example, perhaps you have found a barn that you want to convert into a home, a property where you want to create a gîte, or land where you hope to build a new house.

Never assume that your plans will automatically be permitted.

If your purchase depends on obtaining planning permission or being able to carry out a particular project, it may be possible to include an appropriate suspensive condition in the compromis.

This should be discussed with your notaire or legal adviser before signing.

What Happens After You Sign?

Once the compromis has been signed by both parties, the process of moving towards completion begins.

There will usually be a period between signing the compromis and signing the final deed of sale.

During this time, the notaire will carry out the necessary legal checks and searches.

This can include investigating:

• The property's legal ownership

• Land registry information

• Rights and easements affecting the property

• Planning information

• Any mortgages or charges registered against the property

• Relevant diagnostic reports

• Other matters required before completion

If you are buying with a mortgage, your lender will also need to complete its part of the process.

This period can take several weeks or longer, depending on the circumstances.

The Cooling-Off Period for Buyers

One of the important protections for residential property buyers in France is the cooling-off period.

In general, a private buyer has a 10-day withdrawal period after receiving the relevant contract and information.

This is an important distinction for buyers who are used to property systems elsewhere.

During this period, the buyer can withdraw from the purchase without having to provide a reason and without normally being liable for a penalty.

The exact timing and legal requirements can be complicated, so it is important to understand when your cooling-off period begins and to seek professional advice if you are unsure.

Once this period has passed, withdrawing from the purchase becomes much more complicated, particularly if none of the suspensive conditions apply.

Is There a Deposit?

It is common for the buyer to pay a deposit, often referred to as a dépôt de garantie, when signing the compromis.

The amount is often around 5% to 10% of the purchase price, although the exact amount can vary.

This money is normally held securely, rather than simply being handed directly to the seller.

If the sale completes, the deposit is generally credited against the purchase price.

If the sale falls through because a valid suspensive condition is not met, the deposit can generally be returned to the buyer.

However, if the buyer simply decides to walk away after the cooling-off period and without a valid contractual reason, there may be financial consequences.

This is why it is essential to understand the terms of the compromis before signing.

Can the Seller Change Their Mind?

The compromis de vente is binding on both parties.

The seller cannot generally simply decide that they no longer want to sell because they have changed their mind or received a better offer.

This is one of the differences that can surprise international buyers.

Once the contract has been signed and the buyer's withdrawal period has passed, the seller is generally committed to the transaction, subject to the terms of the agreement.

Of course, property transactions can become complicated, and there are circumstances where a sale may not proceed. This is why the precise wording of the contract matters.

What If You Change Your Mind?

For buyers, the 10-day cooling-off period provides an important opportunity to reconsider the purchase.

After that period, however, you cannot necessarily walk away simply because you have changed your mind.

If you withdraw without a contractual reason, you could potentially lose your deposit or face other consequences depending on the circumstances and terms of the contract.

This is why the compromis should never be treated as a casual piece of paperwork.

It is a serious legal commitment.

How Long Between the Compromis and Completion?

There is no single timeframe that applies to every property purchase.

In many cases, completion takes place around three months after the compromis is signed, but it can be shorter or considerably longer.

The timeframe depends on factors such as:

• Whether the buyer needs a mortgage

• How quickly the notaire can complete the necessary searches

• Whether planning or other conditions need to be resolved

• Whether the property has a complicated legal history

• Whether there are additional parties involved in the transaction

If you have a specific deadline, perhaps because you are moving to France or selling a property elsewhere, make sure you discuss this before signing.

The Compromis Is Not the Final Sale

It is important to understand the difference between the compromis and the final completion.

The compromis is the agreement to buy and sell.

The acte authentique de vente is the final deed that legally transfers ownership of the property.

At the final signing, the balance of the purchase price is paid, along with any applicable costs, and the property officially becomes yours.

You can then collect the keys and begin your new life in your French home.