Buying and Selling property in France involves unique legal considerations, particularly when choosing between a “direct sale” and a “promesse de vente” (preliminary contract). We’ll help you compare the two in order to make an informed decision.  

What is a Direct Sale?

A direct sale, as the name suggests, involves proceeding directly to the final sale contract without a preliminary agreement. This option is typically favored by cash buyers, as it can expedite the closing process.

Key features of a direct sale:

• No preliminary contract: The buyer and seller proceed directly to the final contract.
• 10-day cooling-off period: After the draft contract is prepared, the buyer has a 10-day period to reconsider the purchase.
• Faster closing (potentially): With minimal involvement from notaries, the closing can be quicker for cash buyers.

What is a Promesse de Vente?

A “promesse de vente” or preliminary contract, is a legally binding agreement that precedes the final sale. It outlines the terms of the sale and secures the commitment of both parties.

Key features of a Promesse de Vente:

• Preliminary contract: A signed agreement establishes the terms of the sale.
• Secures the loan: Banks often require a signed promesse de vente before issuing a loan.
• French preference: The French mindset generally favors this preliminary step.
• 10-day cooling-off period: Similar to direct sales, the buyer has a 10-day cooling-off period after signing the promesse de vente.

Direct Sale vs. Promesse de Vente: Navigating the Challenges

While a direct sale might seem faster, there are drawbacks. From a notarial perspective, the promesse de vente acts as a crucial safeguard, meticulously outlining the obligations and rights of buyer and seller while minimizing ambiguities and potential disputes that can arise in a rushed direct sale process. The preliminary contract also provides sufficient time for all necessary legal checks and documentation to be thoroughly prepared, ensuring more secure and compliant transactions.

Paris Property Group agents Jérôme Cacarié and Jennifer Jomard typically prefer the two-step process. Jennifer highlights an unexpected reality about direct sale timelines: “If you go right to closing it usually takes approximately five weeks or longer from an offer being accepted, because the notaire really has to make sure that everything is perfect, so it can actually delay when the parties are completely locked in. I’d rather that we get quickly to a preliminary contract and then if everybody wants to proceed to a fast closing, we can typically close two weeks later.” Jérôme also prefers the structural advantages of the traditional two step approach: “While direct sales can appeal to cash buyers seeking speed, the ‘promesse de vente’ provides a more structured and secure framework for both parties. It allows time for due diligence, financing arrangements, and ensures all conditions precedent are met without undue pressure at the final stage.”

Conclusion

While the allure of a direct sale for its perceived speed is understandable, especially for cash buyers, the “promesse de vente” offers a more established and often smoother path for property transactions in Paris. It provides a structured framework, allows for necessary due diligence, and is generally favored within the French legal and real estate landscape. Consulting with experienced real estate professionals and a notaire is always recommended to determine the best approach for your specific situation.

Contact Paris Property Group to learn more about buying or selling property in Paris.