BUYING PROCESS on PROPERTY FOR SALE in FRANCE
BUYING PROCESS on PROPERTY FOR SALE in FRANCE
Making an Offer
Any offer, verbal or otherwise, if accepted by the seller leads to a contractual commitment.
Unlike the UK there is not a sale subject to contract.
However you may be asked by someone like awn estate agent to write a formal offer on paper, in some cases to fill out a form.
By law no agent or seller can ask for a deposit at the time an offer is made, so don't hand over any kind of deposit to the owner.
Be careful though; don't sign anything unless a legal representative is there. You really can never be too careful.
The Contract
Two main types:
- Promesse de Vente – is an option to buy the property granted to the buyer by the owner. A deposit, sometimes up to 10% is made upon signing the contract. If the buyer has not withdrawn by this point, the persons are legally bound to the property.
- Compromis de Vente – This is a sale and buy agreement. 10% deposit upon signing and then 1 in which to withdraw if you want to.
The comprimis is the most popular type of contract at the moment.
This contract can be signed through an agent or a notaire, although the later is advised.
Notaires are under legal obligiation to fill you in with every detail of the contract you are about to sign, however they are not supposed to guide you in every little detail and hold your hand about the whole situation. If you ask they will, so just ask. It helps.
Solicitors aren't necessary in the contract process.
Contract Conditions
The option to withdraw from the contract is not available to the seller.
If your buying a single building plot or garage etc then there is no cooling off period.
If interested try and see if you can buy as much land around the property, owned by the seller, as you can. Its always good to have land around your property. 10% is the normal deposit; but there is nothing illegal with paying a lesser amount.
By law it is required that the seller informs you about all the defects of the property. Once bought, if you find any then inform a local authority. Providing it wasn't made by you.
Do not let things go unstated between yourself and the seller concerning fixtures and fittings in the property. If there are any then make sure you have an inventory to be prepared for them.
Surveys
The seller is required to show you the results of 3 types of surveys on the property and the land you are buying.
- Statutory Surveys
- Building Surveys
- Land Surveys
Make sure the people who carry out these surveys are competent, and don't base your judgment of the property upon these surveys because they are not, by far, a thorough survey of the whole property.
Note
No sale agreement between buyer and seller has any validity unless it is later certified, prepared and signed by the notaire. This may take a few months. All parties will need to show the notaire marriage and birth certificates and passports. And proof they can pay for the house.
If you are married then think carefully if your names are going to be together in a joint ownership. This usually is perfectly fine. But just think about it. Talk with your notaire about the repercussions it could have, in case of divorce etc. And make sure if it is joint ownership you know how much of the property each party owns.