The property buying process in France is very straightforward and simple and with the right assistance and guiding it can be completely hassle free.
After finding the right property , the best thing to do - is to make an offer on it. Your agents should be able to inform you as to what a good offer would be for you to be sure to get the property you like.
Two important documents are to be signed when buying a property in France:
1. Compromis de vente:
The Compromis de Vente is the initial binding contract.It contains al the main information about the seller , the buyer , the property and all the conditions applying to the deed. Even if it doesn't give the right to ownership directly, it's a legally bonding contract between the two parties .If the owner and the buyer are not signing it at the same time , the buyer is expected to sign it first . The seller , is due to sell after signing this contract , he can not withdraw without having to respect the penalty clause- paying 10% to the buyer.
The buyer, on the other hand, has a period of 7 days cooling of period- according to the text of the Loi SRU. He can withdraw from the sale without any penalty and/or having to give a reason within this 7 days period. This period starts after the day the buyer received a registered letter, notifying him about this right to 7 days.
After the compromis was signed, the 7 days completed, the buyer is expected to send the 10% deposit to the Notaire's account and the last will start checking all the documentation and legal formalities to complete the sale.
It can take from one month to three months before the Act de vente is signed, depending on the type of sale, the clauses in the compromis, on the financing of the purchase etc.
If the buyer is taking a mortgage, it is subject to a clause suspensive , stated in the compromis. The time allowed by the law is limited- average of 30 days to apply for it and 60 days for te bank's response. So we recommend you to discuss the mortgage before signing the compromis de vente, to be sure of what the chances are and under what conditions.
Note that only a French Mortgage ( a mortgage taken in a french bank) qualifies under the clause suspensive. Should the buyer not get the mortgage, under the conditions stated in the compromis, the buying process stops and he is reimbursed of the 10% deposit.
Should you need a mortgage broker, Realfrenchriviera can recommend you professionals in this field and assist you with these formalities.
2. Completition day - Acte de vente
Getting closer to the date of the final signing (mentioned in the Compromis de vente, but adjustable depending on both parties) the rest of the funds are to be sent to the notaire's account.
Both the buyer and the seller can either be present at the signature of the deeds or can give a proxy to their corresponding notaire.
Realfrenchriviera assists their clients in all subsidiary matters following the final signing - utility contracts, insurance, general assistance as to what is legally required etc.
The process of buying a property in France is that simple! Congratulations ! You are now a home owner in France !