Legal documents in a real estate sale
The compromis is a preparatory contract, a preliminary contract, which allows to fix the agreement between the seller and the buyer of a real estate, before being able to sign theauthentic act of sale at the notary. Indeed, in view of the numerous formalities that need to be completed before signing a notarized deed of sale, it is usual to resort to this preparatory act. The preliminary sales agreement is also called a synallagmatic (or bilateral) promise of sale.
It defines the conditions of the sale and the commitments of the seller and the buyer. It also allows the buyer to be informed of the real estate diagnoses, or the surface area of the co-ownership lot that is being sold. It is customary for the buyer to pay a deposit in support of the sales agreement, generally equal to 10% of the sale price.
The preliminary sales agreement also makes it possible to determine the conditions of the financing to which the buyer has recourse, when the latter resorts to a loan. The buyer will use the compromis to support his loan applications.
Note: it is in the buyer's best interest to submit his loan application to at least 2 credit institutions in order to increase his chances of obtaining a loan. The compromise may also require the buyer to apply to a specific number of institutions.
Once the compromise is signed, the notary will start the necessary formalities for the establishment of theauthentic act.