The signing of the sales agreement is an important step in an acquisition project, the average time to obtain the loan is 45 days. This period may, however, be different according to the notaries.
The sale agreement in a real estate project
The search for real estate is not always obvious and you have to find the house or apartment that best meets its criteria and requirements. Simply, when this good is found, it must quickly make a purchase proposal and wait for the price validation proposed by the seller. From the acceptance of this price, it is necessary to go to the notary to sign a compromise of sale, which one also calls a promise of sale.
This document does not guarantee 100% obtaining the mortgage loan, simply because this contract provides for a deadline for obtaining the mortgage. After obtaining financing, a final deed of sale will be signed at the notary, it will be an authentic act that will ensure the validation of the purchase of the property. The maximum legal time limit for a promise to sell is 18 months, but generally, buyers get their financing in less than 3 months. This period may therefore be shorter or shorter according to the notaries.
How to save time for obtaining the mortgage?
The deadlines can often seem long but they are generally incompressible, simply because it is necessary to adapt to the availabilities of the notary, it is then necessary to deposit a request for mortgage loan, to provide the necessary documents then to wait for the study of financing by the bank. It is on this point that it is possible to anticipate in the establishment a pre-application for mortgage credit, the interest is to prepare the file with all the necessary justifications to be able to update it and accelerate its obtaining.
With a file already prepared and an amount, albeit approximate, but generally close to the price of the desired home, the borrower saves time in his efforts to obtain credit and can easily update his file by providing the necessary documents to the banker. It also allows you to go around the banks to compare offers because from the signing of the promise to sell, many buyers are paralyzed by the date of obtaining credit and go to the fastest.
The importance of the promise to sell and the conditions precedent
The promise of sale may seem like a constraint in a purchase but it can also prove to be an effective guarantee to protect the buyer if a defect arises. Indeed, the conditions precedent in the contract allow to set a deadline but also to protect the buyer with the possibility of giving up the purchase. If the latter does not get his mortgage, he will have no expenses to pay because obtaining funding is not his responsibility. If a deposit is paid, the sums will be refunded to the purchaser. We must therefore take into account the delays that may appear as a constraint but also take into account the interest of a promise to sell.