What are the key points of a compromis?
7 December 2023
The compromis is a preliminary contract that seals the agreement between the two parties, buyer and seller, on the sale of a property. Its purpose is to prepare for the signing of the final deed of sale.
Nevertheless, the compromis remains a genuine contract: the seller declares that he wishes to sell his property to the buyer, and the buyer declares that he wishes to buy the property under the conditions specified in the compromis.
Every sale has its own compromis! Although certain information must be provided in all cases, the conditions and financing plans differ and must be dealt with individually.
Mandatory information in the preliminary sales agreement :
- - the contact details of the vendor(s) and purchaser(s);
- - the exact address of the property;
- - the origin of the property (date of previous deed of sale, name of previous owner, notarised deed);
- - a detailed description of the property and its equipment;
- - the existence of any mortgages and/or easements;
- - the technical diagnostic file (DDT);
- - the sums to be paid, in particular the sale price and the estate agent's fees;
- - the payment terms (with or without the help of a mortgage);
- - the period of validity of the promise to sell and the deadline for signing the final deed of sale;
- - the deadlines for each stage;
- - the amount of the earnest money and the conditions precedent (if any).
Documents and information concerning co-ownership must also be provided if the property sold is part of a co-ownership.
Conditions precedent :
- - the property is not encumbered by any town planning or public utility easement;
- - a public authority has waived its right of pre-emption over the property;
- - the mortgage situation has been cleared at the time of sale;
- - failure to obtain a mortgage. To prove his good faith, the buyer must present the seller with 2 letters of refusal from 2 different banks. If the buyer is financing the transaction without a mortgage, you must stipulate this in the preliminary sales agreement. You must also stipulate that the buyer waives the loan suspensive clause;
- - if it transpires that the seller has not carried out the work promised before the keys are handed over, the buyer can invoke the suspensive clause in the preliminary sales agreement before the deed of sale is signed at the notary's office;
- - you can also ask for specific suspensive conditions to be added, depending on your situation. To do this, please contact your notaire.
Diagnostics and documents to be attached to a preliminary sales agreement :
- - state of risks and pollution (ERP);
- - energy performance diagnosis;
- - Carrez law surface area;
- - presence or absence of asbestos;
- - lead exposure risk report;
- - Parasitic condition report (on the presence or absence of termites);
- - statement of previous gas installation;
- - electrical diagnosis;
- - inspection of non-collective sanitation installations;
- - information on the risk of the presence of mould.
A compromis de vente is a contract that binds the buyer and seller of a property until the final deed of sale is signed. It is therefore important that both parties fully understand the key points of this contract before signing. Finally, it is important to remember that the compromis de vente can be cancelled if any of the conditions precedent or deadlines are not met.