Legal: Buying a French Property

58

By frenchproperty

Quick Summary

Lets assume you have found a French Property that you want to buy. So here is a short summary

  1. Making the Offer - make an offer in writing to your Immobilier with any conditions that you require.
  2. The Immobilier will contact the Vendor.
  3. Assuming the Offer is accepted - the notaire (French equvalent of a property lawyer) or sometimes the Immobilier will draw up the first contract - typically the "Compromis de Vente"
  4. Sign the compromise de vente - make sure you understand this contract and all the conditions. This contract is binding! Check "cadastral" for property boundaries.

  5. Vendor signs the contact
  6. You as the buyer have a week to change your mind and pull out. (If you change your mind - inform the notaire of your decision by registered post.) Pay 10% deposit.

  7. After the cooling off period - both parties are committed to the deal. There can be no gazumping. There are financial penalties if either party change their mind!
  8. There is about a 3 month wait whilst the Notaire checks title, etc.
  9. Before the final signing (ceremony) of the Acte de Vente, the notaire will ask you transfer the outstanding balance.
  10. Sign all the documents - collect the keys and CHECK your property. If there are any problems - get back to the Notaire immediately.

The Notaire will charge you for the property transaction - including all the legal fees, taxes etc. expect to pay between 6.25% and 8.5% of the purchase price.

For details of French Buying Process << click here

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