These are clauses indicated in the sales agreement which condition the birth of the legal effects of the loan / mortgage credit contract on the fulfillment of one or more conditions stipulated concretely in the notarial deed. The condition being in this case obtaining the agreement of the bank. 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 loan / mortgage 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 Crédit Populaire Européen, we are committed to giving you a quick response so that you can notify the seller as quickly as possible.
