Promise to purchase versus notarial deed

The promise to purchase

The documents completed by a buyer in order to purchase a property constitute a promise to purchase. These documents put in writing the conditions of purchase, taking into account the price, the dates of the deed of sale and occupation, the conditions of financing, the reading of documents and/or inspection, the sale of another property... and even more! Everything is put on paper, in writing, in order to avoid future misunderstandings; these documents can be complex, but their purpose is to protect both parties in the transaction.

It is therefore important that these documents be properly completed by a professional who understands the clauses.

It is possible for a seller to make a counter proposal, which will specify different terms on certain conditions. For example, the seller may come back with a higher price or different dates for the deed or occupancy. When a party makes a counter-proposal, he or she is obligated to meet the terms until the other party responds, and cannot accept another proposal in the interim.

A promise to purchase is accepted when both parties agree on the terms of the transaction, but it becomes final only when all conditions are met, except the condition of the deed. A promise to purchase is a contract between the parties and it is not possible to withdraw from it without major reason.

The notarial deed

The deed of sale, also known as the notarial deed, is the document drawn up by the notary and based on the conditions established in the promise to purchase. This document constitutes the contract that formalizes the transaction between the buyer and the seller. It will be registered and made public through the Land Registry. At the same time, the notary will draw up the mortgage deed for the buyer, which will describe the terms of the loan, and the release for the seller, if applicable.

The notary will also, at the same time, make the apportionments between the buyer and the seller, so that the buyer reimburses the seller, for example, for the municipal and school taxes already paid for the period during which he will no longer be the owner.

Choosing a notary is as important as choosing a real estate broker. Some notaries specialize in new properties or undivided co-ownerships, so be sure to select a notary who

Some notaries specialize in new properties or undivided co-ownerships, so make sure you select a professional who will meet your needs!