Whether you are taking your first tentative steps to buying a property in France or are a seasoned international investor we thought you might appreciate this guide to the process of buying a house in France.
Viewing
You should only view properties
through a licenced immobilier, these agencies must have a carte
professionnelle as well as full professional indemnity insurance.
By buying through us you can rest assured that you are in safe hands.
Making an offer
The process in France is not too dissimilar to the UK and other European countries.
Once you have found a property that you like you should make an offer (preferably in writing) to the agent.
Make sure that all parties know
exactly what is included in the offer and don’t forget to set aside a
budget for the notaires fees and taxes.
There is no hard & fast rule as
to how low your offer should be. In a “hot” market you may well need
to pay the asking price, in turbulent times you may well be able to
negotiate a discount.
You should have all of your financing in place before you make the offer.
Structural survey
As you probably know most French purchasers do not bother to have a house surveyed.
There are a list of tests that the vendor must pay for and have undertaken by professionals. This is called the Dossier de Diagnostic Technique (DDT).
Up to seven surveys must now be
undertaken. These are for asbestos, electrics, energy efficiency, gas,
lead, “natural or technological risks” and termites.
Most sellers wait until they have
an offer agreed before commissioning the reports, some of which have a
short “shelf life” before they need to be undertaken again.
If you would like a more
comprehensive survey you will find plenty of RICS registered surveyors
offering a service throughout France.
Legal representation
Contrary to popular opinion, the
Notaire is not there to represent you. They represent the state and
undertake planning and other searches with the local authorities.
If you want to have someone
representing your legal interests there are many UK legal practices who
employ French notaries and offer this service (for a fee).
Preliminary sale agreement (Compromis de Vente)
Once your offer is accepted and the compulsory tests have been undertaken you will be asked to sign the compromise de vente.
This will either have been drafted
by the agent or notaire. It is a binding agreement between the vendor
and the buyer, subject to any conditions that may be stipulated in the
contract. The most common such condition is that relating to a mortgage
being secured but others could include planning consent, rights of way
etc.
Once signed you do have a seven day
cooling off period – during which you may pull out of the transaction
at any time, without explanation, but you must do this by registered
letter.
You will usually pay a deposit
(between 5-10%) to the agent or notaire and this will be kept in a
special bank account as a guarantee until the purchase is completed.
Completion (Acte de Vente)
It usually takes between eight – twelve weeks from signing the compromis for the final acte de vente to be completed and ready for signature.
The signing is at the notaires
office and they will confirm the final time and date a short time
beforehand. Beware, the date set in the compromis is a target date and not set in stone.
You must have transferred the
balance of funds in advance (make sure you shop around using specialist
currency brokers). You must also provide proof that the house is
insured.
Once the signing is complete you are given the keys and the house is yours.
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