The process for buying property in France is clear and straightforward:
- Find and agree a price on the property.
- Sign the reservation document or ‘compromis de vente’ in the presence of the Notary or Estate Agent. The ‘compromis’ will contain a list of mandatory provisions. It may also contain a list of conditions laid out by the purchaser. Such conditions must be fulfilled prior to the sale becoming irrevocable.
- There is an allowance for a ‘cooling off period’ of seven days having signed the ‘compromis’ during which time you may change your mind and retract your offer with NO penalties and NO questions asked.
- Following the lapse of the seven days, the agreed deposit must be paid to the Notary .This is generally between 5-10% subject to the value of the property and to be agreed prior to the signature of the ‘compromis.’
- The Notary then oversees the dossier and carries out the due diligence on the property. Once the required formalities are performed and all the conditions have been met and the Notary has all the required documents, he will then prepare the final ‘acte de vente’ or sales deed. He will also propose a date for the definitive signature & payment of the property. Once signed, you become the owner of your new property.
- This system is designed to protect all parties. Typically the whole process takes between 2 and 3 months.
|
