Construction Drawings Buggy

Cancellation Waiver of a loan

Under Article L. 312-12 of the Code of consumption, the loan offer to finance the acquisition of real estate is still accepted on the condition subsequent of the non-conclusion, within four months after its acceptance, Contract for which the loan was requested, provided that the parties may agree a longer period.
Thus, if the promisor gives up after the signing of a unilateral promise to sell, to sell his property, while the promisee accepted a prior offer loan to finance its purchase, it is then entitled to invoke the resolution of the loan agreement it had concluded.

It follows that any funds disbursed by the lender to the borrower or a third party on behalf of the latter should be reimbursed, plus interest thereon, Indeed, nothing prohibiting the lender to pay for the four month period referred to above, certain amounts to the borrower (L. 312-14 of the Consumer Code). As for the financial institution, they may withhold or charge a fee study. However, the maximum amount of these costs is fixed at 0.75% of the loan amount may not exceed 1,000 euros (Article R. 312-1 of the Consumer Code). In addition, the amount of these fees and conditions under which they are received must be clearly shown on the prior offer of loan.

The same rules apply when the contract, for which the loan was requested, is resolved or canceled after being concluded within four months. Indeed, in this case, because of the retroactive effect attached to the resolution or cancellation, the contract is thus supposed to have never been found in the abovementioned period, so that the loan agreement itself is even resolved automatically.




(name of borrower)
(address)

(name of the credit agency)
(address)

On ...




letter with acknowledgment of receipt

Subject: Resolution of right of mortgage





M. ..




We concluded a contract with your lending institution (references attached), dated ... in the amount of ... euro, in order to attain the real estate transaction as follows: ... (Example: financing the acquisition of an apartment located ...).

To this end, we concluded with Mr. .., a promise of sale of said property. It appears to date that the final contract of sale will be concluded for the following reasons: ... (Evidence attached).

Accordingly, and pursuant to the provisions of Article L. 312-12 of the Code of consumption, the loan agreement we reached is determined to set right.

Kindly therefore kindly send us an accurate count of money we owe you (advance made and interest thereon, costs of study).

In the meantime, we ask that you receive, M. .., Sincerely.