Principle of suspensive conditions
These are clauses indicated in the commitment of sale< which condition the birth of the legal effects of the contract of loan / mortgage credit on the fulfillment of one or more conditions stipulated concretely in the notarial deed. The condition in this case being obtaining the bank’s agreement. It is therefore above all a protection for the future buyer in the event that his credit request is refused by the banking organization.
Thus, when you sign your sales agreement, it will be subject to the suspensive condition that you obtain your loan / mortgage credit within the time limit set when signing the sales agreement before the notary or with the real estate agency.
Concretely this means that if you do not obtain your loan/mortgage credit within the agreed deadline, it is void (cancelled) unless you obtain an extension of the deadline to obtain your mortgage loan/credit.
In this case, things are returned to their original state and each party to the sales agreement is released from their obligations. The seller could thus agree to sell his property to another candidate buyer who would sign a new notarized sales agreement.
At the Crédit Populaire Européen, we are committed to giving you a quick response so that you can notify the seller as quickly as possible.
