Buying a property is a tough decision, especially if it’s in a foreign country such as in France. There are so many questions and doubts that might arise, even after you’ve signed a contract. For example, you might be wondering if you’ve chosen the right area; if the area is a smart long-term investment; or if you can really afford to pay for the property. And if it’s a second home for those holiday periods, you might be wondering if you can realistically get away that many times of the year to make it a worthwhile investment. To address these concerns plus much more, the French created the seven-day cooling off period so that buyers would have greater peace of mind. Here’s how it works.

Once you find the property you want to purchase, your notaire (similar to a real estate lawyer) draws up the necessary contract papers and both parties sign the agreement contract (compromis de vente). Once this contract is signed, you have up to seven days to change your mind. This is done so that if you have any second thoughts or regrets for any reason at all, you can pull out of the deal. The seller, however, cannot cancel the deal, no matter what the reason might be. And during this time, you can hire a local builder or architect to thoroughly check out the house, or if you’ve done that already, you’ll have those extra seven days to review the findings.

If you do decide to cancel the transaction during this seven-day cooling off period, make sure that your real estate agent sends a certified letter to the owner, and also have the agent informed by phone that the letter of cancellation has been sent. Keep proof of the fact that the letter was sent (the date should be noted) in case the owner states at a later date that he never received the cancellation letter. For even greater protection, send a copy of the cancellation letter to any of the seller’s agents (i.e. real estate agent or notaire).

By taking advantage of the cooling off period, you can have greater peace of mind that you’ve made the right decision.




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About the Author:
Stay at one of the top Paris hotels located in the famous Golden Triangle area.

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