There are three main types of preliminary agreements:
– The unilateral promise to sell
– The purchase bid – promise to purchase
– And the provisional sales contract.
Each of these instruments has important and different consequences, about which your Notaire , if contacted before you commit yourself, will call your attention and provide practical advice.
You should never rely on headlines only. Such offers and bids include detailed conditions and commitments, including compensation. A careful check of the full content is essential to understand what you’re committed to.
Notice that the terms and conditions of sale set in preliminary agreements will be very difficult to amend thereafter. Such agreements can block any other bids, even more attractive, for several months.
Any property sale must be officially recorded by notarized Deed.
After the preliminary contract has been signed, your Notaire undertakes formalities, gets the mandatory authorizations and documents to ensure that the final deed of sale is complete, fully effective and will not be disputed or even cancelled, and draw up the deed of sale.
Some formalities have to be done before the signature, some afterwards.