Preliminary sales agreement (compromis de vente)
The compromis de vente is the written agreement by which buyer and seller commit to each other on the sale of a property, before the notarial deed is signed at the notary's office.
The compromis de vente sets out the essential terms of the transaction: price, description of the property, the date planned for signing the notarial deed and any conditions precedent (obtaining financing, for example). It binds both parties from the moment it is signed, subject to those conditions being met.
In Luxembourg, this document precedes the signing of the notarial deed before a notary, which formalises the transfer of ownership. The interval between the compromis and the notarial deed allows the financing and the legal checks on the property to be completed.