What is the time to obtain the mortgage after the signing of the sales compromise?

During a real estate purchase, obtaining a loan is often a preecing condition registered in the compromise.A period for obtaining a loan is granted to the purchaser to obtain funding to finalize the sale.

What is the legal deadline to obtain the mortgage?

As a buyer, you benefit from a delay established by law: you generally have 45 days after the signing of the promise to sell to conclude a mortgage contract with the credit organization of your choice.Otherwise, a condition suspensive can cancel the sales compromise negotiated with the seller, especially if your loan request is refused.

Do not waste time starting home loan searches

Alas, the time required to compare real estate loans, negotiate the terms with the bank, then receive funds can take weeks or months.And it is not possible for you to start the procedure before the signing of the sales compromise to save time, since you must include this pre-contract in your loan request file as a supporting document!

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This is why it is essential to do it as soon as possible after the compromise signing.You must not lose a single minute ... In some cases, an extension of the time to obtain mortgage is possible.

Two possibilities for extending the loan obtaining a loan

If you are afraid that your loan request takes more time than the deadline, you can protect yourself against this risk at the time of writing the sales compromise.Indeed, you can in theory (with the agreement of the seller) to pass the deadline for obtaining 60 or 75 days, or even more.It’s a very common practice.

Sign an amendment with the seller if you need additional delay

If you have not thought of extending the deadline, and if the vagaries prevent you from obtaining your mortgage in time, there is another option to enter: you can extend the a posteriori period by sending a request for extension toseller.Here, an amendment must be provided to the sales compromise to define a new termination period.

In both cases, the express condition is of course that the seller agrees.The latter is in no way obliged to give you additional time.If it is in a hurry to sell his property and wishes to conclude the transaction as soon as possible, he can refuse to sign this compromise or this endorsement, and opt for another buyer.

How is the mortgage request?

You can carry out the negotiations yourself.Or entrust this task to a real estate broker who will be responsible for discussing the rate and terms of the loan with credit institutions.Once an agreement in principle is found, it can happen for weeks before receiving the loan offer in good and due form.

When it arrives at your home, you have to wait at least 10 days to accept it.This is an incompressible period of reflection fixed by the regulations.It is only on the 11th day after receiving the offer that the mortgage can be finalized.A new 7 -day retraction period then triggers after the loan contract.

What if you don't get mortgage?

If your mortgage request is refused by the banks (s) contacted, the sales compromise is purely and simply canceled.To avoid penalties in the form of the loss of your immobilization indemnity, you must provide the seller with evidence of the refusal of loan.For example, copies of negative responses from establishments.

What to remember for your search for a mortgage

1. Vous devrez démarrer les recherches le plus tôt possible après la signature du compromis de vente
2. Vous disposez généralement de 45 jours pour trouver un prêt immobilier
3. Vous pouvez comparer les établissements bancaires pour obtenir un prêt compétitif
4. Si vous n'obtenez pas de financement dans les temps : négociez un nouveau délai avec le vendeur en signant un avenant
5. Vous disposez d'un délai de réflexion de 10 jours après avoir reçu le document d'offre de prêt
6. Si votre demande est refusée vous devrez justifier les refus pour annuler la vente et récupérer le séquestre