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Buying
Property in France
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Tips
Buying
Old Property
When
purchasing a property in France, make sure you do your sums correctly.
In France it is usually the buyer who pays all the fees. On top of the
'net' purchase price of the property, there will be notaire's fees
(including stamp duty), which are usually about 6-8 per cent of the
net purchase price. You will also have to pay the French agent's fees
and these can vary from 4-15 per cent, though 7-8 per cent is more
common. The price displayed in a French agent's window should include
the agent's fee (the price will be followed by the letters FAI. if
this is the case). However, it will not include the notaire's fee, so
you'll need to add this in.
If
you are using your own legal representative, you'll also have those
fees to the total. When looking at websites, as well as through your
French agent's books, always ask exactly which fees are included in
the prices.
Take your agent's advice on making the offer. For instance, in the UK
it's usual to offer considerably less than the asking price but this
can cause offence in France. Your agent should know the lie of the
land.
Make sure you see the plans of the property and its land (plans
cadastres) before you make an offer.
The compromis de vente is usually the first document you will sign,
though you may be asked to sign a promesse d'achat, especially if you
are making an offer below the mandated house price. This shows the
vendor your commitment to buying at the offered price. The compromis
is legally binding and is therefore a very important document.
The compromis is like the first draft of the final contract.
Basically, it sets out the details of the purchase (what you are
buying) and those involved in it (the seller and the buyer) as well as
showing how much you are paying (including the fees). It has to be
signed by both buyer and seller.
This is the time to raise any conditions you require that would enable
you to withdraw from the sale, for instance: your failure to obtain a
mortgage, negative results from termite surveys, or failing to receive
planning permission to convert outbuildings. Such conditions should be
inserted in the compromis as 'clauses suspensives'.
In order to have the compromis drawn up, you will need to provide your
passport and relevant marriage and divorce papers. If you're borrowing
money to purchase the property, you'll need paperwork with details of
the loan. Ideally, you should take this documentation with you on your
search trip, as that will allow the process of drawing up the
compromis to begin immediately. You should expect the compromis to
take 3-4 weeks to arrive.
If you haven't already, you should definitely seek professional advice
once you receive the compromis. It is written in French, so it is wise
to have it professionally translated - you must be sure of what you
are signing.
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