The property sale agreement: can you change your mind?

You have just acquired or sold a property and you leave the notary’s office after signing the famous agreement. A sudden thought strikes you! You have made a mistake, this is not what you wish for. In the midst of your cold sweat, a thousand questions plague you. Don’t panic, here are the conditions under which you can withdraw.

Who can withdraw?

The answer is simple: purchasers have the right to exercise a withdrawal right, unlike sellers. While it is entirely possible to buy a property on an impulse, a sale takes time. It is necessarily considered over days, weeks or even months. Adding a withdrawal period therefore seems superfluous. If you have just signed a purchase, therefore, don’t panic and exercise your rights.

How to withdraw, and at what point?

The legislation provides, through the Macron Law of 6 August 2015, a ten-day period (previously seven) to notify the notary that you wish to cancel the sale. The period runs from the day after the signing if you signed face-to-face, or from the day after the first presentation of the recorded delivery letter at your home if the formalities were completed remotely.

The purchaser does not need to justify their wish: they simply need to send the notification of withdrawal to the seller or intermediary by recorded delivery letter. The dispatch date of the recorded delivery is the one used to justify the withdrawal period, not the date of receipt by the seller. If the end of the period falls on a weekend or a bank holiday, it is extended until the next working day.

What are the financial consequences of withdrawal?

It is common to pay a sum of money when signing the sale agreement, to ‘reserve’ the property with certainty. Cancellation of the agreement results in repayment of this sum, and the seller cannot claim any compensation for the loss suffered as long as the ten-day period is respected. You can exercise this right by stating it in your recorded delivery letter, specifying that Article L271-2 of the Construction and Housing Code authorises you to do so.

Normally, no advance payment can be made before the end of the reflection period if you sign an agreement directly with the seller. This is, however, common when using a notary or estate agent. Please note that the professional has 21 days to return your funds from the date of the cancellation notification.

Finally, be aware that if you wish to break the sale after the legal period, the sums paid may be retained by the seller. They may also claim damages from you in addition.

A property purchase is an important act given the sums involved, so it is logical that the law allows some flexibility regarding this decision. As a seller, we advise you to discuss with the potential purchaser their motivations and financial situation. Anyone can change their mind, but this will limit the risk of you having popped the champagne for nothing!