How to cancel a sales agreement?

The house of your dreams does not make you dream more? Here are your solutions! The sales agreement commits you to buy, so it is difficult to cancel it. You still have a withdrawal period and conditions precedent, including obtaining a bank loan. Be careful, you may have to pay damages in case of cancellation if these criteria are not met.

The withdrawal period
The loan obtaining: a condition
Are there other solutions?

The withdrawal period

The signing of the preliminary sale of a property, otherwise known promise indenture, is a bilateral promise. It therefore binds the seller but also committed as a buyer.
However, you are protected by law, which in fact gives the buyer a withdrawal period of 7 days (Art. L.271.1 the construction code and housing). You can during this time to cancel your purchase without having to justify yourself and without paying compensation.
The loan obtaining: a condition

Beyond the withdrawal period, suspensive clauses allow you to cancel the sales agreement. In addition to the specific clauses may be specified in the contract, there are mandatory: the condition precedent of obtaining loan (Article L312-16 of the Consumer Code.).
If all banks you visit refuse to grant you a loan for your purchase, the sale is canceled, and you will not have to pay compensation. You will nevertheless prove these refusals from the seller.
Are there other solutions?

The conditions listed above are in theory the only possibilities for canceling a sales agreement: do not forget that it commits you to buy! However, the existence of defects of consent or hidden defects will void the sale. If none of these conditions exist, you will have to pay damages in the order of 5 to 10% of the sales price if you want to cancel your purchase.


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