Putting an apartment up for sale takes time. From publishing the listing to the final closing date at the notary\u2019s office\u2014including organizing showings and negotiating with buyers\u2014certain administrative steps can extend the time it takes to sell. One of the most time-consuming steps is the period between the signing of the preliminary sales agreement or letter of intent to sell<\/a> and the signing of the final deed of sale, which generally takes 3 months. This corresponds to the time needed to finalize the real estate purchase and enable the transfer of ownership. What exactly are the preliminary agreement and the deed of sale? Why this timeframe, our real estate agency CENTURY 21 Auteuil Immobilier<\/a> in Paris's 16th arrondissement sheds light on the issue.<\/p>\n The preliminary sales agreement, or pre-contract of sale, is the first step in the sales process. The purpose is to bind the parties and establish all the terms under which the sale will take place, which will be final: full personal information of the respective parties, description of the property being sold, terms of the sale (purchase price, real estate agency commission, escrow), method of financing (cash or loan), report on mandatory inspections, and deadlines for completing the sale. It can be executed at the real estate agency or before a notary.<\/p>\n L\u2019notarized deed of sale<\/a> is the contract that definitively confirms all the terms of the sale of your apartment, as previously set forth in the preliminary sales agreement<\/p>\n signed by the seller and the buyer after acceptance of the offer<\/a>. This is the final step in a real estate sale, during which the seller hands over the keys to the new home to the buyer.<\/p>\n Both of these contracts are drafted and signed at the notary's office, even though the The preliminary sales agreement may also be signed as a private document<\/a>. These are legal documents that set forth all the terms and conditions of a real estate sale.<\/p>\n The average time between signing the preliminary sales agreement and the notarized deed\u2014when you receive the funds\u2014is about three months. This timeframe, which may seem long to you, is necessary for several reasons:\u00a0<\/p>\n Good to know:<\/strong><\/p>\n Are you considering extending or shortening the time between the preliminary sales agreement and the final deed? It is entirely possible to set a different timeframe, with the exception of two statutory deadlines, which do not depend on your notary\u2019s responsiveness and cannot be changed:<\/p>\n \u00a0However, by following a few guidelines, you can speed up the process:<\/strong><\/p>\n Furthermore, once the preliminary sales agreement has been signed, it is possible to sign the final deed before the three-month deadline expires. To do so, the conditions precedent must be fulfilled, and the notary handling the sale must have completed all necessary procedures. It is also possible to agree to extend the deadline specified in the preliminary sales agreement, particularly if additional time is needed to secure a mortgage, but this extension cannot exceed 18 months.<\/p>\n In conclusion, while the minimum time between a preliminary agreement and the deed of sale is three months, in practice it may take longer. A notary\u2019s responsiveness cannot shorten the legal timeframes, but it is possible to speed up the process by submitting all documents required for the sale as quickly as possible, provided they are in order and have been verified by the notary.<\/p>\n Please feel free to contact our real estate agencies CENTURY 21 Auteuil Immobilier<\/a> and CENTURY 21 Auteuil Seine<\/a> ; our transactions team is available to answer any questions you may have. You can contact us by phone at 01 42 15 16 21 or 01 56 07 16 21, or by email at: auteuil@century21.fr<\/a> or auteuilseine@century21.fr<\/a><\/p>","protected":false},"excerpt":{"rendered":" Timeline of the steps between signing the preliminary agreement and closing the deal.<\/p>","protected":false},"author":0,"featured_media":2226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conseils"],"acf":[],"yoast_head":"\nPreliminary Sales Agreement and Deed of Sale: A Quick Reminder<\/h2>\n
Timeframe from the signing of the preliminary sales agreement to the final deed<\/h2>\n
The mandatory withdrawal period<\/h2>\n
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Verification of all documents related to the sales file and the technical inspection report file<\/h2>\n
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\u2013 the title deed<\/a> ;
\u2013 the most recent expense statements;
\u2013 the minutes ofgeneral meeting<\/a> over the past three years;
\u2013 property tax;
\u2013 If the previous occupant was a tenant, a copy of the notice of termination received or the notice of termination
provided to the tenant;
\u2013 the Technical Asbestos Assessment (DTA)<\/a> common areas;
\u2013 the condition of pests in common areas;
\u2013 the Building Maintenance Log;
\u2013 the condominium bylaws;
\u2013 Amendments to the Prospectus;
\u2013 the mortgage statement;
\u2013 the property manager's profile;
\u2013 The preliminary statement dated and prepared by the property manager, which is a paid document and
perishable.<\/li>\n<\/ul>\nConditions Precedent and Loan Approval Timeline<\/h2>\n
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\u2013 The condition precedent regarding financing;
\u2013 The mortgage statement;
\u2013 The zoning certificate;
\u2013 The urban right of first refusal;<\/li>\n\n
Is it possible to speed up the signing of the notarized deed at the notary\u2019s office, or to extend the time between the preliminary agreement and the deed of sale?<\/h2>\n
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