An Explanation of the buying process in France
The process is quite straight forward in France to purchase property, however it takes time.
First you view, I am happy to show you any of my advertised properties at a convenient time to suit your needs.
If
you like the property you can make an offer, if this is accepted by the
seller/vendeur. Then the Notaire draws up an agreement to
purchase (the compromis). At this time any surveys which need to be
done are completed by an expert and are written into the compromis, so
that any problems are outlined from the start. These surveys
include a survey on asbestos, if there is found to be asbestos fabric
the expert will say if it is a problem or not. The survey for
Parasites, woodworm, dry rot and damp. The survey for lead in the
paintwork. The survey for the installation of Electricity,
whether it needs to be brought up to current regulations, and if there
are any dangerous defects. The survey for gas, if the property is
equipped with gas appliances.
Once
this compromis is signed by all parties you the buyer have 10 days to
withdraw your offer, this you have to send by recommended letter to the
Notaire in charge of the sale. If after the 10 days you continue
to buy, you will forward a 10%deposit to the Notaires account which he
will hold until the final act and deduct from the remainder of monies
due for the sale. The Notaire will do the searches on the
property, making sure there are no debts etc. If the sale
requires you getting a Mortgage, this is drawn into the compromis as a
special clause. The Notaire needs details of the loan, who it is
with, the amount, the length of the loan and the percentage of interest
on the loan.
There
is then a delay for the loan agreement to take place. If the loan
is refused during this time of delay, you do not have to continue with
the purchase.
After
that around 2-3 months from the start; providing all is acceptable the
final signing of the deeds and the payment of the remainder of the
money for the purchase and all fees. You are on the day of final
signing, given the keys to your new home.
I will help to put the utility contracts in your name.
For this you will need a French bank account.
I can give information on what is required to open an account in France during purchase with me as your agent.
There
is an attestation showing you as the owner of the property from that
date,(The Notaire gives you this on the day of final signing).
The full title deeds are delivered to you about 3 months later, once
all the property titles have been registered with the land registry
office in your name.
From the date of final signing you would need to have an insurance policy for the property, I will help you with this.
Should you wish to seek a mortgage for the purchase of the property, you can contact the French banks or a mortgage provider.
Please contact me if you wish to speak to an English speaking French based mortgage provider.
I hope this explains the basic procedure.
Please remember, I am here to help. Any queries just let me know,
Christine.
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