Buying Guide
Buying Guide - the legalities of buying a property in France
Country Homes will help guide you through the final stages of your purchase of a property in France.
Once you have found a property you wish to buy and the price has been agreed, the vendor will be required to sign a first contract, known as Compromis de Vente. You will then sign and pay your deposit - normally 10% of the agreed purchase price. The purchaser benefits from a 7 day cooling off period in which you can change your mind and withdraw from the purchase without any financial loss. Providing the correct withdrawal procedure has been complied with - Country Homes France can assist and advise you with this.
After the 7 day period has passed your deposit is only refundable if one or more of the conditional clauses - Clauses Suspensive - has not been met. If for example you require a mortgage and you are unable to arrange this with a lender, then a letter from the lender must be sent to a Notaire (solicitor) and he will refund your deposit. The first contract commits both parties to complete subject to the conditional clauses. Providing the correct withdrawal procedure has been complied with - Country Homes France can assist and advise you with this.
The Notaire will carry out all the formalities and searches as in the UK and ensure the property is suitable for sale. He is empowered by the French Government to collect Taxes on their behalf. It is quite usual for him to act for both parties and the buyer will pay his fees.
A short while before the final signature (normally 2-4 months later) you will be required to provide the balance of the purchase price plus the cost of the legal fees, this allows the purchase to proceed to completion.
It is usual for both the buyer and seller to attend the final signing Acte de Vente. If you are unable to attend then a Power of Attorney can be put in place and we would be pleased to advise you regards this. Note: A Power of Attorney MUST be arranged prior to the final signing.
Fees and Taxes
The Notaire's fees and tax (stamp duty) are normally charged at between 7 and 10% of the purchase price.
Costs
There are NO other purchase costs to you.
Country Homes France or our agents will advise you regarding local council tax which is collected annually in arrears and is much lower than in the UK. Prior to completion the propery must be insured! Country Homes France or our agents will be happy to arrange this for you, in some cases you may be able to take over the sellers policy.
Bank Accounts
We recommend that you open a French bank account to pay utility bills - essential if you have a mortgage. Again Country Homes France or our agents can advise you about this.
Remember - Country Homes France are here to help you at every stage!
