Innovative land & property investments
Investment Property in France
Buying Guide
Buying process
Find a lawyer
Having found your perfect property in the region that you wish to make your home, now is the time to make your way into the murky waters of the buying process in France.
Before we go any further, it is absolutely essential that you seek specialist, independent legal advice at all stages of the buying process.
Although once you have settled on a price for your new property it will be tempting to cut corners where you can.
This is one of those occasions that spending a little bit more will mean that you could save thousands in costs and an incalculable amount in stress and worry in the future.
Most likely, your agent or developer will offer you the services of a legal representative they work with.
Decline, politely, and go find your own representation.
The one thing you want to be 100% sure of is that your legal team is working exclusively for you, and with your interests at heart.
Find a translator
Also, make sure you have an officially-approved translation of any document you sign in relation to the property transaction.
A good lawyer should prepare this for you in any case.
It's worth preparing translations of official documents of your own before you go over to complete the paperwork - you may find birth certificate, driving licence, etc. will come in handy.
Agree the sale
Once you have agreed the sale and the final price, you will sign a compromis de vente, an initial contract that specifies the price and takes the house off the market for the buyer paying a 10% deposit.
Following this, there is an officially-sanctioned seven day cooling off period, during which either the buyer or vendor may pull out of the sale.
After that, the searches are carried out over a period of typically 10-12 weeks.
Final contract
Assuming satisfactory results are obtained here, the final contract is then signed in front of a notaire and the deeds are signed over to the new owner upon payment of the final balance.
Buying costs
Don’t forget that you will also need to pay the fees and charges on your new property.
Generally an additional 12-15% of the purchase price should be allowed to cover agent’s fees, legal and transfer fees, and registration of the documents.
With new-build properties, check the VAT situation with the developer or agent when discussing initial prices.
Key facts
- Seeking specialist, independent legal advice throughout is essential
- Obtain an officially-approved translation of every document you sign
- Once you have agreed the sale and the final price, you will sign an initial contract, pay a 10% deposit and the house will be taken off the market with a seven day cooling-off period for both parties
- Searches take 10-12 weeks and, if satisfactory, the final contract is signed in front of a notaire, the final balance paid and the deeds transferred
- Check the VAT situation with the developer or agent when discussing initial prices for new-build properties
- Allow an additional 12-15% of the purchase price to cover the costs of buying
Downloadable Reports and Documents
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