Question

How does a British buy a house or flat in France?


Answers (1)

by Qcrew 14 years ago

You need to be aware that when buying a property in France, the conveyancing process is very different to that of the UK. To avoid any nasty surprises, you must research all the legal, tax, inheritance issues, currency exchanges and etc. If you can not speak French, it might make you headache when dealing with those new terms/words.

Basically, if your offer on a property is accepted by the vendor, Notaire (i.e. The French Estate Agent) will complete the Compromis de Vente (i.e. Preliminary Sales Agreement), which is a written agreement between the vendor and the buyer. Please remember that there is a 7 day cooling off period in France. So, either the buyer or the vendor can withdraw their decision without any penalty.

When signing the sales agreement, the buyer need to pay a deposit of 5 to 10% of the agreed price. The deposit will be kept by the Estate Agent until the purchase is completed or cancelled. After the 7 day cooling off period, if no one pulls off, the property will then be taken off the market. After that, you need to get the rest of the money ready either by loan or cash.

It normally takes 6 - 12 weeks for the Acte de Vente (i.e.Deed of Sale) to be completed. The Notaire (estate agency) not only draffs the Acte de Vente, conduct planning and other searches and enquiries with the local authorities, but also act on behalf of the lender if a buyer needs a loan.So comparing to the UK estate agency, the estate agency is kind of one stop service.

The final signature will be made at the Notaires's office when the buyer pays the balance of the purchase price and the legal fees and taxes to the notaire. You receive the keys of your new home in France when all the extensive paperwork is completed and the house is insured.


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