New build cooling off period

 

In France, a legal cooling off period of seven days follows the signature of an off plan reservation contract and payment of the securing deposit.

 

Formal acknowledgement from the developer of your contract and deposit is sent to your home address by recorded delivery. The date on which you receive this notification marks the start of the 7 day cooling off period. During this period you can choose not to proceed with your new build purchase and have your deposit refunded. After the cooling off period expires the deposit is generally non-refundable.

 

Deposit refund

In France, by law, the reservation contract for an off plan property clearly specifies the conditions under which the deposit is refunded. These are:

 

§          if the purchaser exercises his/her right to withdraw within the 7 day cooling off period

§          if the purchaser does not obtain the French mortgage detailed in the reservation contract within the statutory mortgage application period (4 to 6 weeks from signing the reservation contract)

§          if the sale is not completed within the period laid down in the reservation contract due to circumstances within the developer’s control.

 

 

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