What is the process for buying property in France?
Are you considering the prospect of investing in a slice of the charming French landscape? The process of acquiring property in this beautiful country is a journey of its own, one that we're here to guide you through, step by step.
The process for buying property in France involves several steps, and it's important to follow them carefully to ensure a smooth and legally compliant transaction. Here is an overview of the typical process for buying property in France:
1. Research and Property Search: Begin by researching the French property market to determine your budget and preferred location. Engage with real estate agents, property websites, and local property listings to find suitable properties.
2. Property Viewing: Visit the properties you are interested in to assess their condition, location, and suitability for your needs.
3. Negotiation and Offer: Once you find a property you want to purchase, you can make an offer to the seller. Negotiate the price and conditions of the sale, including any fixtures or furnishings included in the sale.
4. Preliminary Agreement (Compromis de Vente): If your offer is accepted, you and the seller will sign a preliminary sales agreement, known as the « compromis de vente » or « promesse de vente. » This agreement outlines the terms and conditions of the sale, including the purchase price, payment schedule, and any contingencies. At this stage, you will typically pay a deposit (usually around 10% of the purchase price) into an escrow account.
5. Due Diligence and Inspections: Conduct due diligence on the property, which may include surveys, inspections, and verification of legal documents. The notary or a legal advisor can assist you in this process.
6. Financing: If you are obtaining a mortgage, finalize your mortgage application and secure financing.
7. Final Sales Contract (Acte de Vente): Once all conditions are met, you and the seller will sign the final sales contract, known as the "acte de vente." This contract is typically signed in the office of a notary (notaire) who acts as a neutral party in the transaction. You will pay the remaining purchase price and associated fees, such as notary fees and transfer taxes, at this stage.
8. Property Transfer and Registration: The notary will handle the transfer of ownership and register the property in your name with the French land registry.
9. Payment of Taxes and Fees: Pay any applicable property transfer taxes and fees, including the "taxe foncière" and "taxe d'habitation."
10. Possession and Handover: You will receive the keys to the property, and possession will be officially transferred to you.
11. Post-Purchase: Update utility accounts and services in your name. Consider securing property insurance.
12. Notary's Final Tasks: The notary will provide you with the final deed of sale and copies of all documents related to the purchase. It's important to note that the involvement of a notary is a critical aspect of the property purchase process in France. The notary ensures that the transaction is legally valid and that all taxes and fees are correctly paid.
At Brunner & Sanina, with our architecture and consultancy experience we offer services such as Property Finder, Property Assessment, Legal Due Diligence or Property Inspection as well as Architecture services to help you, step by step in your French journey. France's charm and affordability await your discovery.