agreement to sell
LexInter | October 22, 2007 | 0 Comments

AGREEMENT TO SELL

The promise to sell is a preliminary act to a sale. In a promise to sell   the buyer is not bound to acquire the property. If he retracts, he loses the amount of the immobilization indemnity (generally 10% of the sale price) that he has advanced for the benefit of the seller, unless the operation is not carried out for failure to obtain the loan. expected by the purchaser. . The promise to sell must be registered, which entails registration fees.

In a synallagmatic promise of sale, or compromise of sale , the act includes irrevocable commitment of both parties except suspensive clauses provided for in the contract. 

Promise of sale and death of the promisor

If the promisor has undertaken to maintain the offer for a fixed period, the death of the promisor does not render the promise null and void ( Civil Court 3 December 10, 1997 )

Promise of sale and withdrawal by the promisor

As long as the beneficiary has not declared to acquire, the obligation of the promisor is only an obligation to do. The exercise of the option, subsequent to the withdrawal of the promisor, excludes any meeting of reciprocal wishes to sell and acquire and the beneficiary cannot obtain the forced completion of the sale ( Civil Court 3, December 15, 1993 )

Promise of sale and act of substitution

The substitution of a third party for the beneficiary of a unilateral promise to sell providing for this option does not constitute an assignment of receivables ( Cass. Civ. 3 July 13, 1999 )

Promise of sale and registration

The unilateral promise of sale is subject to the registration formality prescribed by article 1840 A of the General Tax Code and is void if the requirements of this article have not been met. A promise can only escape these requirements when it appears in an agreement comprising a set of reciprocal contractual obligations if there is a necessary relationship of dependence between these various reciprocal obligations likely to modify the characteristics of the promise to sell ( Cass .com. January 15, 2002 )

Promise of sale subject to suspensive conditions for obtaining a loan

The promise to sell may be subject to the granting to the beneficiary of the promise of credit by a bank. It is up to the purchaser to demonstrate that he has indeed requested a loan in accordance with the characteristics defined in the promise to sell and that, failing to have requested the granting of such a loan, the condition precedent must be deemed fulfilled by application of article 1178 of the Civil Code (Civil Cass 1, May 7, 2002 )

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