The deposit and reflection period
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Paying the deposit
The deposit, usually 10% of the purchase price, is usually lodged through the
notaire's account 7 days after the Compromis de vente / preliminary contract is
signed. The easiest way to do this is by bank transfer to the relevant account.
This can be a quicker process if you have already set up a bank account in
France; if not, electronic payments to overseas accounts are also rapid, though
they incur extra fees. A receipt for the deposit is issued.
Setting a date for completion
The contract will include a suggested date for the formal signing of the deed
of sale (l'acte de vente),up to 12 weeks, in the future to give time for the
necessary searches to be completed. In practice the signing day is flexible and
subject to the efficiency of the bureaucratic system. You can, however, be sure
that it will not be brought forward. There are no interest penalties for
delayed completion.
The cooling-off period
Buyers can withdraw from a contract without penalty within seven days of
signing the Compromis de Vente/preliminary contract by both parties. You should
send any such cancellation by recorded delivery or appoint a bailiff to give
notice to the vendor of your withdrawal.