HOW TO BUY FRENCH PROPERTY

HOW TO BUY FRENCH PROPERTY

This guide is a simple step by step process, and not comprehensive but covers the basic stages of property purchase in France. Before setting out make sure you have contacted the agency and confirmed the availability of the property concerned and appointments are confirmed - often you may be travelling long distances so better to be prepared rather than disappointed. Also please remember the agency will require your identification papers should you make an offer, even if not they may wish to check your passport or personal ID and should take your address for the Bon de Visite you will be asked to sign prior to the property visit. This is a simple document that provides evidence to the seller of your visit and also guards the agency's commission. Not all agencies ask for this but the more serious and professional the agency the more you can expect to be asked - property for sale is subject to controls and also client listings.

You will also need to provide identification should you buy, as per opening a bank account in France (see note 11) should you make an offer and the agency will ask you for further information, some of which you may find personal. Please do not be embarassed, this is required in law in France if a compromis or sous seing prive is to be signed between seller and buyer, and the agency or notaire are required to provide this information. Rest assured nothing should be hidden from you, nor from the seller regarding the transaction so to be asked for your marital status and your occupation is perfectly normal in France once and offer has been agreed.

The basic steps include :-

1. Viewing - once visited and chosen offers are proposed and then agreed between buyer and seller verbally using the services of the agency.

2. Offer - you may be asked to sign an 'offre d'achat' in your own handwriting - a simple non binding promise to purchase a property usually matched by the sellers promise to sell. Always wise to write an end date into your own offer ie the number of days.

3. Any buying conditions such as loans in France that are required should be written in at this stage, or planning permissions required. Also any furniture purchase should be agreed at this stage if you wish the notaire to handle the transaction as part of the property purchase, otherwise it will have to be done privately which always carries some risk.

4.The experts reports are done on the property, to cover termites and parasites, lead in paintwork, gas supply, asbestos presence, electrical wiring survey, electric and energy use, flooding and risk of movement of ground of house, location to factories, etc

5. The Compromis du vente or Sous seing prive - the exchange of contracts, some large qualified agencies can do this first legal step or the notaire appointed by the buyer. Once signed it has to be sent via registered post to the buyers address. There is then a 7 day cooling off period before the buyer returns the compromis. The seller is commited once he signs the compromis. The buyer is committed after receipt of the compromis the obligatory 7 days cooling off period. Any retraction after this (unless one of the conditions of purchase fails) will incur a 10% payment to the opposite party, whether purchaser or seller who withdraws.

6.The deposit of between 5 and 10%  has to be paid once the compromis is returned.

7.The notaire carries out the searches and checks (notaires are government appointed and there are set fees)

8. The final balance of payment including notaires fees should be sent prior to the final contract being signed.

9. The  Acte du vente or final contract is signed in front of the notaire, who will read out the acte to all parties present usually but not always buyer and seller.

10. House insurance policy to cover the property should be in place from the moment of purchase, as you will be responsible immediately for your new home. It is always a good idea to visit the property just prior to the final acte signing to check everything is as it should be - the notaire will ask you as the buyer if you have visited.

11. And if you haven't already, please read the section on the website regarding utility companies, for which you will need to open a French bank account - non overseas accounts are not recognised by French utilitiy companies for payment purposes. To do this you will need to satisfy French and European Money laundering regulations re your identity and provide copies of at least two bills, bank statements of less than 3 months old to prove your current address, as well as evidence of identity including copies of your current passport.  

12. Once the final acte de vente is signed having been read out by the notaire  you will be handed the keys and given a statement or in French 'attestation' of ownership of the property. The deeds will usually follow 3 to 4 months later.

This is a brief outline of the process, there are often many other smaller steps dependent on type of property and timescales involved which you should make sure you understand before committing to the purchase process.