The promise of sale in Geneva: scope, commitment and steps towards the deed

The promise of sale and purchase is a written commitment by which a seller and a buyer bind themselves before the final deed: the seller undertakes to sell and the buyer to buy, at an agreed price and under precise conditions. In Geneva, for real estate, it takes the form of a notarial deed.

What the promise really commits you to

Signing a promise goes well beyond an informal reservation. The document records the agreement of both parties on the essential points of the transaction: the identity of the property, the price and its terms of payment. Once signed in due form, the promise creates reciprocal obligations that each party must honour.

The exact scope of these obligations depends on the wording chosen by the notary. Depending on how the deed is structured, the commitment may be more or less firm, and the consequences of withdrawing vary. This is precisely why the notary's role is central: they draft a text that reflects the parties' intentions while securing the transaction. Before signing, ask them to spell out what you are concretely committing to.

The form: why the notary is essential

In Geneva, the sale of real estate requires an authentic deed executed by a notary. This formal requirement, laid down by federal law, applies both to the final deed of sale and to the promise that anticipates it. An agreement concluded solely between private individuals, without going through a notary's office, does not have the same legal effects as a notarial deed.

The notary checks the property's situation and informs both parties of their rights and obligations, before keeping the deed on record. They act as a public officer serving the transaction as a whole. Involving them early makes it possible to frame sensitive points before they become sources of disagreement.

Conditions precedent, financing in particular

A promise often includes conditions precedent. These are events on which the final completion of the sale depends: as long as the condition is not met, the sale remains pending. The most common condition concerns obtaining bank financing.

In practice, the buyer can commit subject to obtaining a mortgage on specified terms, within a set period. If the bank refuses or approval does not arrive in time, the clause protects the buyer by preventing them from remaining bound to a purchase they can no longer finance. The wording of this clause deserves particular attention: it must clearly describe what triggers it and what happens to any sums already paid. The notary will tell you how to word this reservation so that it genuinely protects you.

Deposits and earnest money: what the payments mean

At the time of the promise, the buyer is often asked to make a payment. Depending on how it is classified, it does not carry the same meaning. A deposit is an advance on the price, deducted from the total amount at the final deed. Earnest money follows a different logic and can have its own consequences if one of the parties withdraws.

It is therefore important to know, before signing, how the payment is classified in the deed and what happens to that sum if the sale does not go through. Here again, only reading the deed prepared by the notary tells you the exact scope of what you are paying. Do not treat any amount as definitively secured or lost without having this point clarified.

From promise to final deed: timelines

Some time passes between the promise and the deed of sale. It is used to lift the conditions precedent, notably to finalise financing and gather the necessary documents. The length depends on each case, is negotiated between the parties and is then set out in the deed.

Once the conditions are met, the final deed of sale is signed at the notary's office. This is when ownership is transferred and the balance of the price is paid according to the agreed terms. Preparing your financing in advance, even before the promise, reduces the risk of pressure on the timeline.

To prepare your purchase, let's talk about your project: see our properties to buy and request a valuation.

Sources

• Swiss Code of Obligations (Swiss federal law), formal requirements for contracts concerning real estate: admin.ch
• Chambre des notaires de Genève, role of the notary and the authentic deed: notaires-geneve.ch