Buying your Property in France
You have found the ideal property - what next?
The Compromis de vente 'contract' . After having agreed upon a purchase price (in general to include the sales agents commission) with the vendor, possibly via your estate agency or Notaire- you will be required to sign the Compromis de Vente this is the contract to purchase and 'blocks' the property in your favour, this is signed either with your agent or notaire and is signed prior to signing the Acte de Vente (the actual purchase deed). The Acte de Vente is ALWAYS dealt with by the Notaire -
If you need a mortgage - ensure that you have a clause written into the contract that the purchase is dependent upon you obtaining mortgage finance. You will, regardless of this clause have a 7 day cooling off period in which to change your mind about the purchase of the property. If you do not have this clause written into the contract and fail to come up with the purchase funds you will almost certainly lose your deposit.
The Notaire - It is mandatory that property purchases / transfers in France are dealt with by a Notaire. A Notaire is an independent public official, whose role is authenticate all deeds and documents and to ensure that the transaction is carried out correctly.
Acte de Vente - When you are at the stage of the Acte de Vente before the Notaire it will generally be 3 months after the signing of the Compromis de Vente. As the purchaser you have the choice of which Notaire to use. This is when the property is sold to you by way of a property deed. The Notairte deals with the legal issues and dispursements.
Taxes and Legal Fees (as opposed to agency fees) involved in property purchases vary but as a rough guide budget between 8% and 10% of the value of the purchase price. The legality, is as stated dealt with by the Notaire who will account to you the purchaser after all documents etc have been filed and deposited at the various property registers. Please note this can take some time - allow a good 12 months.
Further property issues and such.
Although the utilisation of a solicitor to purchase property is not obligatory in France it may be advisable, particularly if you are not competent to read or speak the language. Lawyers charges would be an additional cost to the fees of the purchase.
As stated, in France it is the Notaire who is designated specifically for the business of property transactions. The Notaire is an independent public official and is charged with authenticating all deeds and documents in the property transaction. A property can be neither bought nor sold without the intervention of a Notaire, in brief they will:
- Validate and confirm details of any charges affecting the property
- Validate details of title and any third party rights to the property
- Validate that the property conforms to the relevant laws and regulations viz
- land registry
- zoning restrictions
- planning authorities
- To prepare the "acte authentique de vente" or purchase deed.
- To collect all fees in respect of the transaction and forward them to the appropriate local or regional authorities
- To receive the funding for the agreed purchase price (including mortgage funds from a third party) and to deliver them to the seller
A lawyer can assist with any disputes that may arise with regards to your property at a later date.
Information kindly provided by Solicitors in France - Further info please contact group@irl353.com
Disclaimer: The information contained on this page does not set out to give anything other than a glimpse of certain aspects of this area of French Law. Professional advice should always be sought from a qualified French lawyer
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