Section 3: Formation of the credit agreement

The life mortgage or advance transfer loan transaction is concluded under the terms of a prior offer containing the following information: 1° The identity of the parties and the date of acceptance of the offer; 2° The exact description of the mortgaged property, in accordance with the requirements of the land registry; 3° The value of the mortgaged property estimated by an expert chosen by the parties and the costs…

Delivery of the offer obliges the lender to maintain the terms it contains for a minimum period of thirty days from its issue.

The offer cannot be accepted until ten days after it has been received by the borrower. Until the offer is accepted by the borrower, no payment in any form whatsoever may be made by the lender to the borrower or on the borrower’s behalf, or by the borrower to the lender, in respect of the transaction in question.Until such acceptance, the borrower may not, in the same way, make any…