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French Property News - 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 for a cooling off period comes from 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.
The cooling off period runs from the day after the reception by registered post of the fully signed contract. When you receive your copy of the contract, do not forget to sign and write the day of receipt on the pink slip attached to the envelope, and send this back to your Notaire or the agent who is taking care of the purchase process. Note that if you live in France, the cooling off period runs from the day after the "presentation" of the recorded delivery. It means that even if you do not receive the delivery the 10 days are running.
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’ or notary fees, they are usually around 7% of the net selling price, and include the stamp duty. You can easily estimate the notaire fees will be with our handy legal fees calculator.
This update has been prepared by our bilingual Notaire, Maitre Bounet, based near Toulouse in South West France.