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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