French Property Update - Cooling Off Period Extended

With the Law “Macron” passed in France on August 8th, 2015, the cooling-off period for buyers of property in France, known as ‘délai de rétractation’, has changed from 7 to 10 days. The entitlement to a cooling-off period is provided for in article L 271-1 of the French Code de la Construction et de l’Habitation. It is a window for the purchaser to withdraw from the purchase process, which was previously 7 days.

Commencement of the Cooling Off Period

The cooling-off period runs from the day after the contract is received by registered post, fully signed. When you receive your copy of the contract, do not forget to sign it and write the day of receipt on the pink slip attached to the envelope, and then send it back to your Notaire or the agent handling the purchase process.

Important Considerations for Residents

Note that if you live in France, the cooling-off period runs from the day after the “presentation” of the recorded delivery (LRAR). It means that even if you do not receive the delivery within the 10 days, you will need to pay the deposit (in euros) to secure the property.

Personal Delivery by the Notaire

Bear in mind that if the Notary gives the full contract to the purchaser in person once it has been signed, this avoids the problems of presentation or reception, and the 10-day cooling-off period runs from the following day. The legal fees are called ‘frais de Notaires’ (notary fees). They are usually around 7% of the net selling price and include stamp duty.

Estimate the Legal Feeds

You can estimate the notary fees with our handy legal fees calculator. And learn how you can save money with our currency exchange service. For expert legal guidance in France, feel free to contact Maitre Bounet based in southwest France.