What is the withdrawal period for buying a new home?

What is the withdrawal period for buying a new home?

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Blandine Rochelle - 17 December 2018

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You have signed and returned the sales contract for a new home and you have already paid the security deposit but you want to reconsider your decision. Know that you can exercise your right of withdrawal within 10 days of signing the sales contract.

After buying a new home, you have 10 days to withdraw

If you have signed the contract for the sale of a new home off-plan ( sale in a future state of completion) or a CCMI construction contract (construction of individual house) and that you have changed your mind about this purchase, be aware that the law grants you a period of 10 days to withdraw and therefore cancel the sale. You have no justification to give to the developer or the builder to cancel this purchase, and you must fully recover the security deposit you paid for the reservation of the accommodation. Note that this 10-day period runs from the day after the presentation to the developer or builder of the letter notifying him of the reservation contract.

The terms of withdrawal following the purchase of a new property

The right of withdrawal from the purchase of a new home can only be exercised in writing, never orally. But two solutions are still available to you, since you can:

You will therefore have previously written your intention to cancel the sale on plain paper. From the moment you withdraw within the time limit, the promoter or the builder can only take note of your decision and cannot sue you, this decision is therefore binding on him.

Video: Can you cancel the purchase of a new home?

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After the withdrawal, the developer must return the security deposit to you

< p>Following receipt of your letter informing him of your wish to cancel the sale of the new home, the promoter or the builder must return to you the amount of the security deposit that you paid on the day of the signing of the contract of reservation of the property. This security deposit is generally equal to 2% of the price of the property, if the sale were to take place within one to two years following the signing of the reservation contract. The promoter or the builder has 3 months to return this sum to you, from the day on which the withdrawal was notified to him. The amount must be paid back to you in full, it must not deduct any sum from this security deposit, not even as "application fees" or other fees that may be invoked.

You can withdraw beyond 10 days under certain conditions

If the 10-day period for withdrawing has expired, you can no longer withdraw, at least in theory. In practice, certain limited cases may justify the cancellation of the sale of the new home once the deadline has passed, but these situations are not common:

Good to know

If the sales contract was not preceded by a reservation contract, the purchaser also has a withdrawal period of 10 days from the day after hand-delivery by the notary of the deed of sale by LRAR.

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