Useful information about France
Provence Cote d'Azur, France
€10,000

[approx. £8,100 or $12,000]

Please find below some useful information about buying property in France. Please remember that we do not charge you for our service and the price of the property is the same whether you buy through Selection Property or directly from a developer or local agent.

The purchase process in France depends on whether you are buying a resale property or a new build property.

Buying a new build property in France

Option: Once you have decided to purchase your chosen property, we will take an option for you on that property. Depending on the development, an option is usually valid for up to 48 or 72 hours.

Reservation contract: During that time we will complete and send you the reservation contract, together with clear instructions. The property price, layout, delivery date and staged payments as well as your mortgage requirements are included in the reservation contract. This is a legally binding document which means that the property is taken off the market and the price will not be changed.

Reservation deposit: At this stage, you also pay the deposit on the property, usually 5% of the purchase price, to an account set up by the Notaire (the French notary overseeing the purchase process). It is held in the account until the sale is completed. Please note that the legal currency in France is the Euro and properties are therefore bought in Euro. We can help you to ensure you benefit from excellent exchange rates, no commission, no bank receipt charges and protection against fluctuating exchange rates.

Cooling off period: Once the reservation contract is counter-signed by the developer, there is a 7 day cooling off period. If you decide not to proceed with the purchase during this period, you should inform the developer by registered post.

Legal advice: During the purchase process, it is important that you obtain advice from a bilingual adviser qualified in French law. The adviser should liaise with the notaire on your behalf especially with regard to inheritance law and the content of the final contract. We can provide you with a list of independent, qualified, experienced and bilingual legal advisers.

Completion: Completion of the purchase usually takes 3 to 4 months. During that time the Notaire draws up the Acte de Vente (final contract). On the day of completion, you can attend the Notaire’s office with the developer to sign the final contract. Alternatively you can arrange a Power of Attorney through your legal adviser. Notaire’s fees (about 3 to 4%) are paid at this stage. The property is officially yours when the Acte de Vente has been signed.

Staged payments: most new build properties are bought off plan and the purchase is often completed up to a year before the property is delivered. The balance on the property price is paid in stages until the keys of the property are delivered to you.

Buying a resale property in France

The compromis de vente: when you have decided which property to purchase, you and the seller sign a Compromis de Vente (reservation contract). This is a legally binding document which means that the property is taken off the market and the price cannot be changed. Items such as price of the property, fees, lead/asbestos/termites report (where applicable), planning permission and mortgage requirements are included in the document. A copy of your passport, birth and marriage certificates will be required to draw up the “Compromis de Vente”.

Deposit: At this stage, you also pay the deposit on the property, usually 10% of the purchase price, to an account set up by the Notaire (the French notary overseeing the purchase process). It is held in the account until the sale is completed. Please note that the legal currency in France is the Euro and properties are therefore bought in Euro. We can help you to ensure you benefit from excellent exchange rates, no commission and no bank receipt charges.

Cooling off period: Once the compromise has been signed, there is 7 day cooling off period. If you decide not to proceed with the purchase during this period, you must inform the agent/seller in writing by registered post.

Legal advice: During the purchase process, it is important that you obtain advice from a bilingual adviser qualified in French law. The adviser should liaise with the notaire on your behalf especially with regard to inheritance law and the content of the final contract. We can provide you with a list of independent, qualified, experienced and bilingual legal advisers.

Completion: completion of the purchase takes about 3 months, during which time the Notaire conduct s searches and draws up the Acte de Vente, which is the final contract. The balance on the property price and the notaire’s fees (about 7 to 8% including transfer tax) have to be transferred to the Notaire’s account in time for completion. On the day of completion, you can attend the Notaire’s office with the seller to sign the Acte de Vente. Alternatively you can arrange a Power of Attorney through your legal adviser. The property is officially yours when the Acte de Vente has been signed!

Call Selection Property on +44 (0)20 8533 9988 or email contact@selectionproperty.com for more information.