The Buying Process (House-buying unravelled)
It is nearly always the case that you’ll have to compromise on some items of your original wish list, but people are usually fairly sure when they find the right house. If you’re not absolutely sure, then perhaps you should look at a few more…
But once you do decide to buy, what next?
Making an offer
Making an offer is not as commonplace in France as it is in England and, certainly, if an offer is too derisory then the seller will simply think you cannot be very serious.
If a property has been on the market for some time then it is always worth making an offer. If, however, a house is newly on the market then the owner will usually hold out for the asking price.
It is our job to negotiate with the owner on your behalf.
Signing the Compromis
Once a price is agreed, we make an appointment with an English-speaking notaire to sign the sous-seing privé or compromis de vente. This is the blue-print of the final document you will sign for the transfer of the house and it is here that any conditions of sale should be included, such as the sale being subject to a mortgage or to planning permission for an extension or swimming pool.
Power of Attorney
Signatures can be done to this by Power of Attorney but, in our experience, it is more important for the buyer to be present at this signing than at the final signing since, as mentioned above, this is the blue-print for the final signing and it is your opportunity to meet the seller, to ask any relevant questions, and also to meet the notaire and clear up any tax queries and to find out the best course of action to get what you want within the French inheritance system. (See ABC guide to buying a house in France)
Surveys
Structural surveys are not usual in France. We can, however, introduce you to accredited English surveyors and architects who work in this region and will provide such surveys. But, before the compromis de vente can be signed a number of expertises will have to be carried out at the owner’s expense. Currently these are for termites in wood, asbestos, lead in paintwork, energy consumption and any natural risks, such as flooding. The buyer receives a full report on this from the notaire.
Seven Day Cooling Off
The signing of the compromis de vente is immediately binding for the seller but you, the buyer have seven days to reflect before it becomes binding on your part. During these seven days, if you change your mind, you can withdraw without penalty by sending a registered letter to the notaire.
Deposit
Once the seven days are up, you will be expected to transfer a deposit of 10% of the agreed price for the property to the notaire’s account. From this point, if you pull out of the sale you will lose your deposit and it will go to the seller.
Signing the Acte de Vente
After this first signing, it can take anything between two to four months before the signing of the acte final . This will be on a mutually convenient date and you will then be required to pay the balance and the notaire’s fees (see ABC).
Insurance and Utilities
We can get you quotes for insurance and arrange for the transfer of utilities.
Congratulations! You Own a House in France
The keys are handed over and your new home in France is finally yours!
