In the sales process, we often hear about purchase promises and purchase offers. But what distinguishes these two terms? What sets them apart? What are the consequences of a promise or an offer for the seller and the buyer?
The purchase promise and the purchase offer are the same!
There is no difference between the purchase promise and the purchase offer, so we are talking about the same thing. This purchase promise is addressed by the buyer of a property after a final visit. If the buyer is interested in the apartment they visited, they create a purchase offer that they will send to the seller, with the aim of offering to buy the apartment at a price they consider fair. As such, they can offer the buyer either at the price set by the seller or at a lower price. In this case, the sale will be suspended if the seller decides to sell their property at a lower price or not. The purchase promise can also be negotiated between the parties, usually with the help of the real estate agent responsible for the sale, acting as an intermediary. The purchase offer is therefore the first step in a sale, but it may lead to a continuation or not: it depends on the seller’s decision.
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What does the purchase promise or offer include?
To be valid and have legal value, the purchase promise or offer must be addressed in writing to the seller. It can be sent by mail or email, and it may or may not be written with the help of the real estate agent, although it is more reasonable to discuss with the agent and take their advice into account. Similarly, the purchase offer must contain several pieces of information:
- Proposed purchase price for the seller (see www.homedome.fr)
- The duration of the offer, which is generally between 5 and 10 days.
- Methods of response from the seller: this can be a simple letter, a registered letter with acknowledgment of receipt, a bailiff, etc.
- Funds for the buyer’s financing: in cash, with a mortgage loan with or without contribution, a PTZ, etc.
- You must mention that the sale will only be final with the signing of the sales contract.
- Also indicate that in the absence of a response from the seller, the proposal will be canceled within the allotted time.
- The property in question must be described more or less precisely: apartment or house, address, number of rooms and spaces, area, presence of an outdoor space, etc.
What are the consequences of a purchase promise or offer?
From the moment the buyer sends a promise to the seller, the buyer is theoretically committed when the seller responds positively. If you make a purchase offer and the seller accepts it, you can no longer reconsider their decision and you are bound to each other. However, if they refuse, you can rephrase another offer or decide to abandon the property. However, in practice, the sale has not yet been definitively concluded, since both parties must sign a purchase contract leading to a 10-day withdrawal period in favor of the buyer. The buyer can therefore terminate their obligation at that moment. On the other hand, as soon as the seller has accepted the purchase promise, they are ultimately obligated to the buyer.
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