Cooling-off period
A legal ten-day period during which the borrower cannot accept the loan offer, giving them time to review the terms without pressure. Acceptance can only happen from the eleventh day. This delay protects the consumer and shapes the timeline of a property transaction.
Key points
- Legal period of ten calendar days during which the borrower cannot sign the offer.
- Acceptance posted before the eleventh day is void.
- The period runs from receipt of the loan offer, not from its issue date.
- It applies to all mortgage loans governed by the Consumer Code.
Frequently asked questions
Can the cooling-off period be shortened if the client is in a hurry?
No, it is a public-order provision that neither the bank, the notary, nor any third party can waive. If the transaction timeline is tight, the broker must plan ahead by obtaining the offer as early as possible so the period expires before the planned signing date. Rigorous deadline management is a differentiating skill of a good broker.
How does the cooling-off period interact with the notarial signing date?
The notarial deed can only be signed after the borrower has validly accepted the offer, i.e. at the earliest the eleventh day after receipt. The notary systematically asks for proof of acceptance. If the offer is received late, the notarial appointment must be pushed back, which can create tension with the seller.
What is the difference between the cooling-off period and the withdrawal period?
The cooling-off period applies to the loan offer: the borrower cannot accept for ten days. The withdrawal period applies to the preliminary real-estate contract: the buyer can withdraw without reason within ten days of signing. Both periods protect the consumer at different stages of the process.
In practice
A client receives their loan offer by post on the 5th of the month. They can only accept it from the 15th at the earliest. The broker plans offer receipt from week one so the period expires before the notarial signing scheduled in week three.
Official sources
- Reflection and withdrawal periods: differences · Service-Public.gouv.fr
- I want to obtain a mortgage (reflection period) · Service-Public.gouv.fr
- Mortgage credit (official guide) · Service-Public.gouv.fr