Mettre une option - Placing a hold on a propertyIf you decide to purchase a property, placing an option will hold it exclusively for you. This will give you up to two days to organize and transfer your fully-refundable deposit. The deposit is 5 % of the purchase price if the completion date of the sale does not exceed a year or 2% if the build time is in excess of one year. The deposit will be placed into an escrow account belonging to the notaire dealing with the sale. Thereafter you have two weeks to sign and return the preliminary contract.
The preliminary contract - Securing the property
The next stage in the process is to sign a “contrat preliminaire” (preliminary contract), also known as “contrat de reservation” which commits the developer to selling the property to you and constitutes a real commitment on your part.
This contract establishes in writing the details of the property being sold to you and contains certain obligatory details: a detailed description of the future property (plans, approximate living space, number of rooms, outbuildings, etc.), the quality of the construction (materials employed…) and other technical details annexed to the contract, the sale price, and methods of reviewing the contract.
Once you have received a copy of the signed contract from the developer you then have a 7 day cooling off period. During this time, if you change your mind and decide to cancel the purchase, you need to inform the seller by letter with acknowledgment of receipt. You will then get your entire deposit back.