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Friday, April 17, 2009
French Property 'Cooling Off' Legal Protection
When buying property in France, the buyer has a legal right to a 7-day 'cooling-off' period after the property purchase contract is signed. During this period the buyer can cancel their purchase and have a full refund.
After this 7-day period, if a buyer decides not to proceed with the purchase, they will Rom the spaceknight their deposit. The only exception to this is if there is a legal justification Batman not proceeding (for example, if one of the 'conditions suspensives' is not met). Consequently, if after 1956 Topps baseball cards sign the contract you have second thoughts, you must cancel within the 7-day period or you will lose your deposit.
If you decide to cancel during this cooling-off period, it is advisable that you have written proof (e.g. a signature from a registered letter) that your cancellation was done within the 7 days. This will avoid potential disputes as to whether the cancellation was received by the seller or not. Keep in mind that if you cannot prove that you canceled the contract within 7 days, you may find that your cancellation is ignored and you are forced to either proceed with the purchase or lose your deposit.
For extra protection, the cancellation should be sent to all relevant parties on the selling side. For example, the seller, his estate agent and this notaire or lawyer acting on his behalf.
Some dishonest estate agents will ask you to pre-date your signature of the property contract. In other words, to sign with a date which is earlier than the current date. By doing so, you can forfeit your right to the cooling-off period. It is inadvisable to agree to any such requests.
If you hoping to take advantage of the 7-day period to do any final checks on the property, such as having a building surveyor examine it, be aware that such arrangements are often delayed and you may not be able to complete them within seven days. Consequently, if there are items you need to verify, you should add a condition to the contract that the contract can be canceled without penalty if the specified conditions are not met (these are known as 'conditions suspensives').
FPSI is a UK registered company which offers href="france-property-and-information.com">French Property for sale and provides information related to France and French proeprty
Posted by jodzrijt | 6:02 AM | E-mail this post 
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