For almost fifteen years the amount of time people had to give final reflection on their house purchase has remained the same. Individuals buying property in France – be it new or old – have had 14 days if they were residents outside of France, and 7 days if there residents of France.
If they cancelled within this time there was no penalty, no problems at all (apart from perhaps a disgruntled vendor). This law – the Loi Macron – has now been altered. The new cooling off period, also known as the ‘Delai de Retraction’, is now 10 days for all buyers regardless of their location.
For international buyers, whilst the move seems to penalise them, in reality the vast majority of purchasers will have already made up their minds well before they reach this stage of the process.
However it’s for French buyers that some in the French property industry fear this change could cause problems. With a long cooling off period, they believe there is a strong chance that more undecided buyers could entre the domestic market. Of course, others have shunned this saying all it does is make it fair for people around the world buying the country.