French Property Buying Cooling Off Period Extended to 10 Days
"Cooling off" period extended from 7 to 10 days
Anyone buying real estate in France are entitled to a cooling off period during which they can withdraw from the contract without losing their deposit or incurring any penalties on their contract.
Since 8th August 2015, the cooling off period has been extended from seven to ten days, allowing potential buyers more time to consider their contract.
The clock starts ticking from the day after buyers receive a written copy of the purchase agreement, since this is often sent out by post from the estate agent or notaire.
The cooling off period is not applicable to purchases of plots of land, garages or other secondary buildings.
Our friends, and property experts, Mountain Base told us that "In practice, this will have little effect on the property market as the buying process takes a minimum of 2 months with the cooling off period progressing within this time. It is very rare for a buyer to use the 10 day cooling off period to withdraw, but in the case of a buyer who feels forced into signing a contract, it gives them time to reflect. Our advice would always be to seek the proper advice before signing anything or work with an estate agent that you're comfortable with."
