Applying For A French Mortgage
The validation process of the reservation contract and prior conditions
The booking contract having been signed by the purchaser and validated by the Promoter, the latter then returns a copy to the purchaser, by registered mail with acknowledgement of receipt.
The reservation is made but under two prior conditions
1. First prior condition:
From the presentation of this registered mail, the buyer has a period of reflection of 7 days to cancel his reservation.
If the purchaser wishes to cancel his reservation, no explanation can be asked him, the latter must simply announce his wish to cancel by registered mail with acknowledgement of receipt.
His deposit is then returned to him in full.
2. Second prior condition:
At the end of the withdrawal period described above, the buyer is formally engaged in the purchase process; but this commitment will be final only if the purchaser obtains the necessary financing for the acquisition of the property in question.
The buyer then has a period of 15 days to carry out the steps related to his search for funding.
From this moment, two hypotheses are possible:
Either the buyer does not get his financing. The reservation of the property is then cancelled and the deposit is returned.
Either the acquirer obtains its financing. He then receives a loan offer, edited by the lender.
Upon receipt of this loan offer, the buyer again has a cooling-off period (10 days) before returning the loan offers to the lender.
Once the lender has recovered the loan offer accepted by the purchaser, a copy of this offer is sent to the notary responsible for drafting the definitive contract of sale.
For more information on the drafting of the definitive sales contract for deeds, see the section: Exchanging Contracts.