Preparing a preliminary sales contract
Once the offer to purchase has been accepted, the agency drafts a memo stating all the sales terms and conditions, for use by the notaries who will prepare the preliminary contract, or the sale agreement. All relevant information pertaining to the property and co-ownership are also provided.
In accordance with the provisions of the ALUR law, and the obligation to provide certain information from the time of the preliminary contract (such as all amendments to regulations relating to co-ownership), the time frame for signing is extended, and generally ranges from 15 days to one month. This explains why it is important for the seller to have prepared the file beforehand together with their agent and notary which helps to accelerate the process.
Upon signing the preliminary contract, the seller is obligated to sell, but the purchaser has seven days to change their mind without incurring any costs, followed by suspensive conditions coming into play, where applicable (for example obtaining a loan: if the loan is not obtained, the buyer can be refunded the down payment paid - generally 5%).