| Buying
a home in France
The process: Straightforward but one needs to understand the method.
In simple terms, a Notaire (similar to a conveyencing solicitor
in the UK) acts for both the seller and the purchaser and is employed
by the state. The Notaires' fees are fixed according to the price
of the property and all other fees (estate agency's, taxes, land
registry fees etc) as well as information regarding a mortgage or
loan, are logged with the Notaire.
It is important to understand that it is the Buyers responsibility
to ensure the condition of the home. As surveyors are not normally
(although there is a growing number of UK and French based surveyors
who will do the work) one must be satisfied with the condition,
whether a total renovation job or a pristine chateau before entering
into any agreements.
There are two contracts the Notaire will ask for to be signed.
Once one has have seen the property and agreed a price with the
vendor, either direct or through an agent (immobillier) or in some
cases through a Notaire, the first contract known as the compromis
de vente is signed by both the seller and the buyer. This locks
in both parties to commit to the sale. There is a 7 day "cooling
off" period during which on can change their mind but once signed
the property is taken off the market. The contact terms allow for
the purchaser to buy from the vendor that property at the agreed
price and a 10% deposit is paid. Should either party fall out of
the contact afterward without an accepted reason the other party
can be awarded financial penalties. The Notaire will advise on what
is an accepted reason if asked. It is advisable to discuss all matters
appertaining to purchasing a property with a professional advisor.
Mortgages >>>
Taxes >>>
Opening a bank accout
>>>
Living in France >>>
What next? >>>
|