The preliminary contract requires buyers using one or more loans to finance their property to meet certain deadlines to complete their actions.
You finally found the property that suits you? A clause included in the reservation contract specifies that you have a limited time to find a credit. In case of non-compliance with this deadline, the seller is entitled to cancel the sale. Explanations.
What is the promise of sale?
The promise of sale is the act by which the seller and the buyer agree on different points of the transaction. As part of this preliminary contract, the seller agrees to sell his property to the beneficiary for a certain period. Thus, the latter can accept the offer of sale but does not undertake to buy the property. The promise to sell may be evidenced by an authentic deed drawn up by a notary or by private deed in which case it must be registered with the tax receipts within a period of 10 days following the date of its acceptance.
The beneficiary of the offer of sale may waive or waive the option. In case of acceptance of the offer, the sale becomes final and neither party can reverse its commitments. The seller has the possibility of requesting the payment of a capital compensation in return for the conclusion of the promise to sell which generally corresponds to 10% of the sale price. If the purchaser finally renounces the acquisition of the property when he has obtained a credit, the seller retains this indemnity.
What time to get a mortgage?
If you are considering buying a property, do not hesitate to start your real estate loan search as soon as possible. Indeed, obtaining the mortgage can take time and banks do not have the same processing time. It usually takes a month to receive a loan offer after building up the file and negotiating the conditions for granting the loan. The home loan offer is sent by the bank to the borrower accompanied by the European standardized information sheet (FISE) which details the essential points of the proposed financing solution (loan characteristics, interest rates and other costs). , periodicity and amount of payments, additional obligations …).
Upon receipt of the credit offer, you have a cooling off period of 10 calendar days. On Day 11, you may return this signed document to obtain the release of funds to be held at the time of signing the deed of sale at the notary. Then, the keys of the accommodation will be given to you and you will become officially owner!
Well anticipate your mortgage application
Theoretically, the legal term for obtaining a mortgage is one month. But in practice, it takes at least 45 days because banks must deal with all the demands that come their way, those of future buyers and those who renegotiate their current loans.
Thus, it is advisable to anticipate your mortgage application by comparing online offers. A certain number of elements must be analyzed in order to benefit from the most interesting proposition: the interest rate, the amount of the monthly payments, the duration of the loan, the prepayment indemnity, the cost of the borrower insurance and the cost of the credit guarantee. All these fees are included in the annual percentage rate of charge (APR).