Pre-contract: Can the seller withdraw?
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Rudolphe ABEN
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The preliminary contract is a contract that binds the seller and the buyer in the sale of a property. This contract is often considered a firm commitment for both parties, but there are situations where the seller can back out.
The first thing to note is that the seller can withdraw if he has not yet signed the final sales contract. However, if he has signed the preliminary contract, there are certain conditions that must be met in order for him to withdraw from the purchase.
One of the most common reasons for the seller to cancel is that the buyer is unable to purchase the property. For example, if the buyer fails to meet the terms of the contract, such as making a down payment or obtaining a loan, the seller can cancel the purchase.
On the other hand, the seller can also cancel the purchase if the property has a hidden defect. However, the seller must do so immediately upon discovering the defect and notify the buyer of the defect without delay.
The seller can also withdraw in case of force majeure. This means that unforeseen circumstances beyond his control prevent him from selling the property, such as health problems or serious family problems.
Finally, it is important to note that the conditions for withdrawal may vary from country to country or region to region, so it is always advisable to consult a lawyer specialized in real estate law to get a full understanding of the applicable laws.
In summary, although the pre-contract is considered a firm commitment, there are situations in which the seller may withdraw from the contract. It is always important to understand the terms and restrictions of the preliminary contract before signing it.