Buying a property in France

Different types of contract:
The two different forms of contract that can be used when buying a property in France are:

1. Promesse de Vente

This is very much what it sounds like, a promise to buy the property at a determined price and for a specific duration agreed between both parties, which can be up to four months.  

When the agreement is signed the purchaser pays 10% of the agreed price, after which he has seven days to withdraw from the contract if he changes his mind, and without incurring a penalty. If however the purchaser does not withdraw from the agreement within this 7 day period then he is legally contracted to purchase the property. Failure to do so would result in him losing his deposit.

2. Compromis de Vente

… is quite simply a purchase agreement, where both parties are bound by the contract where the owner agrees to sell to the purchaser and vice versa, subject to any particular conditions stipulated in the contract.

Similarly to the Promesse de Vente the purchaser pays a  deposit of up to 10% of the purchase price when the agreement is signed, and the purchaser has seven days to  withdraw from the contract without penalty

Advice on buying a French Property - general

The Compromis de Vente tends to be the most widely used, and although these two types of contract do not vary significantly, notaires can use their contract forms so you should read these through carefully to make sure your interests are being protected. Watch out for conditional clauses which can be added either by the notaire off his own initiative, or can be added by the vendor for his own personal interests.