Buyer pulled out in France – do I get compensation?
I signed a compromis de vente with a buyer for my property at the notaire’s, then he pulled out without giving a reason. Will I receive compensation? J.T.
Unfortunately, no, you will not. Although it can be frustrating for the seller, property buyers have a 10-day cooling-off period (délai de rétractation) in which they can cancel without having to give a specific reason.
All individual buyers – this is not the case where the purchaser is a company, such as an SCI – benefit from this right, which allows them to change their mind without penalty.
This is assuming that the “buyer” made correct use of the right to cancel, which you might want to check.
The right must be exercised within 10 working days of the person being officially notified of the compromis contract.
This starts from the next day if both parties were present to sign at a notaire’s office.
In other cases, it is from the day after the first presentation of the document at the person’s home by recorded delivery letter, or by huissier.
The days are 10 calendar days. However if the final day falls at a weekend or a public holiday, it moves to the next working day.
The cancellation should be by recorded delivery letter to the notaire or estate agent and the date that counts is the date of sending.
If it is sent at any time before midnight on that day, this is acceptable.
The notaire or estate agent is required to refund any deposit paid, in full.
Question answered by Sarah Bright-Thomas of Bright Avocats
Tel: 05 61 57 90 86 -www.brightavocats.com - contact@brightavocats.com
