GUIDE TO PRUCHASING FRENCH PROPERTY

The search for your french property will be mounted after we have been able to discern the type of residence or property you want to purchase. We will try to keep this as simple and straight forward as possible. This is important as to not waste your time and energy reviewing properties that will not please you.

OUR RESPONSIBILITY

In France most often real estate agents do not have exclusive rights to sell a property. Most sellers prefer to list their property with up to five different agencies. The properties we will present to you are properties for which we have been granted a listing and we will be able to supply you with detailed information before your visit by mail or by e-mail.
It is important to make appointments in advance and to organize our time so as to visit as many properties as possible that meet your criteria. The buyers protection is someone limited in France so if you want a professional opinion from an architect, qualified builder, plumber, electrician, etc., you will have to incur this expense. There are mandatory tests and certificates that are required by French law before the seller can sell his house which include test for lead, asbestos or termites.
In France a seller will not normally make minor repairs, re-paint or re-decorate his house before putting it on the market. He assumes, and rightfully so, that the new owner will want to re-decorate the house to his or her own tastes or style. This means that the houses you visit, although livable, may not have been modernized for several years. The wallpaper made be outdated or the kitchen may be of the popular style of the 70’s. You will need to keep an open mind and use you imagination to envision how you can improve this house can create something wonderful.

YOUR PARTICIPATION

Once you have found the french property that you want to purchase we will assist you throughout the process and formalities including preparing and signing of documents. Keep in mind that you may have bought a house before and the procedure may be different to what you are accustomed in your own country. It is important not to become discouraged. With our help the process will be competed as smooth as possible and we will explain to you as we go along.

THE PROCESS

Once you have decided on the french property you want to by here is how we proceed.

Before you make an offer:

• Consider the fee’s other than the purchase price:
• Review the plans of the property and its land.

Making an offer:

There are variables to consider such as how long the house has been on the market; the generally condition of the house and does the seller need to sell this house quickly so as to complete the purchase of another property? These are things we will know in advance and can advise you on before making the initial offer. Be sure you have estimated your budget correctly and don’t forget that afterthe purchase there will be the costs to transform the house to your needs. We will do our best to acquire the house for you at the best price possible but we cannot guarantee it will be less than the asking price.

The documents:

If you are making an offer below the mandated house price you may be asked to sign a promesse d'achat. This will be prepared and drawn up and presented to the seller. This shows the seller your commitment to buying at the offered price.

The Compromis de vente:

If your offer is accepted we will then arrange a notaire who speaks English to prepare the compromis de vente. He is very through and accustomed to working with foreign clients and will advise you on all legal issued regarding the purchase and in preparing the compromis de vente. You will need to be advised on your inheritance provision. Whatever your nationality, the inheritance of your property is subject to French law and the provision made has to be included in the house-buying contract. It is wise to consult a legal representative on this because French inheritance law is extremely complex and you don't want to find a surviving partner paying unnecessarily high death duties if the worst should occur.
The compromise will be written in French but there is no need to worry as the notaire will explain each and every detail to you – to be sure you understand what you are signing. The compromis is legally binding and is therefore a very important document. The compromis is like the first draft of the final contract. Basically, it sets out the details of the purchase (what you are buying) and those involved in it (the seller and the buyer) as well as showing how much you are paying (including the fees). It has to be signed by both buyer and seller. This is the time to raise any conditions you require that would enable you to withdraw from the sale, for instance: your failure to obtain a mortgage, negative results from termite surveys, or failing to receive planning permission to convert outbuildings. Such conditions should be inserted in the compromis as 'clauses suspensives'.
In order to have the compromis drawn up, you will need to provide your passport and relevant marriage and divorce papers. If you're borrowing money to purchase the property, you'll need paperwork with details of the loan. You should prepare this documentation in advance as soon as you begin you your search trip and bring it with you to France, as that will allow the process of drawing up the compromis to begin immediately. You should expect the compromis to take 3-4 weeks to arrive.
Once you have agreed to buy the house, you should change your money (if you are buying in Euros.) You then have a 7 day waiting period. During this time, you the purchaser have the right to pull out of the sale within a seven day period starting from the day of the signing. During this time, you can withdraw from the sale without penalty but the vendor cannot. If you pull out within this period, you will be reimbursed the down payment. However it should be noted that occasionally the agent will demand a fee for setting up the compromis if you pull out, to cover the expenses and time incurred. This is usually about 150€ and this does depend on the agent and will be stipulated in the deed. Once the waiting period is complete, the contract is binding on both parties and then the deposit is due. The deposit is usually between 5 and 10 per cent of the net purchase price but can sometimes be less. The compromis is now a binding contract (subject to the clauses suspensives) and if you withdraw, you could lose your deposit.
Once you have signed the compromis, the searches on the property begin. These might include ownership, land boundaries, rights of way, termite checks, lead and asbestos surveys. The notaire is responsible for ensuring that these take place and you do not need to pay separately for them. Building surveys are not usually done in France but surveyors do exist and you can have a full survey done. Many French buyers do not bother with a survey but may take out a registered builder's opinion on the property. We will discuss the available options with you when first deciding to buy the property. You need to transfer the balance of your payment to the notaire's account in plenty of time for the final signing date. We will arrange this date through the seller’s agent and it is important that you meet the deadline. If you miss the completion date, you can lose both the house and your deposit. This transaction may also involve your mortgage lender, who must ensure that the money for completion is in the notaire's account in plenty of time. We therefore recommend that you arrange for the monies to be in the notaires account at least a week before the signing.No transaction will be complete until all monies have been cleared in the notaire's account.
The signing in France is held in the notaire's office, you can either be present for the signing, or sign the compromis from home, or arrange a power of attorney to sign for you. If you do not fully understand French, you will be required to translate the power of attorney document set up by the notaire (this must be done by a certified translator) and you will then need to sign it at the French Consulate in your country of residence in front of their notary. This requires making an appointment in advance and could take up to two weeks and there are fees involved. If at all possible it is easier if you can be present for the signing. Whichever is most convenient for you rest assured it will be arranged by “Lovely Abodes”. We will be present for the signing. If you can be present for the signing we will arrange for you to view the property on the day of the signing because the final contract (projet) has a clause saying 'sold as seen on signing date', so it's important that you know what state the property is actually in! It's not unknown for problems to arise even at this late stage with regard to fixtures and fittings.

Congratulations - the french property is now yours and you will receive the keys.