Published on : 15 June 20233 min reading time
Once you have found the potential buyer, all you need is to sell your property. Only this one (the sale) must be done in several stages and it will be finalized only with the signature of a definitive act of sale.
What are the sale steps?
Overall, there are three phases in the process of selling a property: the offer of purchase of the prospective purchaser, the phase of agreement or agreement with the latter and finally, the signature of the definitive deed of sale.
The offer of purchase from the prospective purchaser
The offer to purchase means here a quantified proposal made by the future buyer to the owner of the property for sale or the real estate agent who represents the latter. This offer may be in writing or verbally. In the first case, the offer of purchase is almost like a pre-contractual act having the same value as a compromise or a promise to sell: in fact, by this act the buyer commits himself more than he thinks.
The phase of agreement between the seller and the buyer
This can be done either through a sales agreement or through a promise to sell
In the case of a sales agreement
The sales agreement represents a pre-contract that precedes the signing of the definitive act of sale. Its legal particularity is that it involves both the seller and the buyer. By this act, they both undertake to sell and to buy the good at the agreed price.
In the case of the promise of sale
Unlike the sales agreement, this pre-contract commits the sole responsibility of the seller who unilaterally promises to book and sell his/her property to the buyer at a price and a time fixed by mutual agreement. And to mark the promise of sale “unilateral”, the purchaser must pay him/her a fixed compensation at least equal to 10% of the selling price.
The signing of the definitive act of sale
This act marks the finalization of the sale but above all, the final assignment by the current owner of all his rights to the property to the new owner (the buyer). His signature is made in front of the notary and entails in particular: the payment of the agreed sale price to the seller; the delivery to the buyer by the seller, the keys of the property and all the informative documents related to it (the obligation of delivery).