BUYING FRENCH PROPERTY

French Property - The Buying Process

Let’s start with the obvious - don't sign anything you don't understand! This should not be a problem as Hermes Property works with multi-lingual agents and the whole process will be conducted and explained in English.

The French property purchase system protects both buyer and seller, with cooling-off periods and get-out clauses, so a bilingual Notaire will also be beneficial.

Have your French Property Surveyed

Property valuations are not required in France, so for your own peace of mind, appoint your own independent surveyor.

Preliminary Contract

When you purchase a property in France, you must first sign a Preliminary Contract or 'promesse de vente' in the presence of the Notaire, either at their office, or the estate agent's.

The Preliminary Contract is made subject to conditions known as 'conditions suspensives'; which state that the contract will be suspended if unforeseen events occur, such as the buyer cannot get a mortgage within a stated time, or outline planning permission is denied.

The Preliminary Contract must be signed by both buyer and seller at the same time and in the estate agent's or Notaire's office.

Deposit for your French Property

On signature of the Preliminary Contract you should pay your deposit, which is normally 10%. We advise that you pay this to the Notaire not the vendor. You may also be asked to pay the Stamp Duty and registration fees at this time. However, you should ensure that you are 100% satisfied that this is the French property for you. If you pull out of the sale, the vendor is entitled to keep your deposit as compensation.

Chill Out

You'll have a seven day cooling-off period, known as 'réflexion', during which both you or the vendor can pull out without explanation and simply cancel the contract. After the cooling-off period, and after signing the Preliminary Contract, there is no let out in the 'conditions suspensives'. You will therefore lose your deposit if you fail to complete the sale.

Deed of Sale

Your Notaire will draw up a deed of sale or 'Acte de Vente' and begin all the necessary searches. You will sign the Acte de Vente when you complete on the purchase. This normally happens between 8 and 12 weeks from signing the promesse de vente. In many transactions the buyer and seller can choose and fix the completion date.

Sign the deed of sale and pay the remainder of the purchase price. This completes the transfer of ownership of the property to the purchaser. A power of attorney can be given, so that the Notaire or another person can represent you and sign on your behalf, should you not be able to attend.

Pay the Notaire's fees after which your deed of sale will be registered at the Land Registry. Once it's signed you can officially start enjoying your new home in France.

French Property Fees

There are a number of additional costs to think about when you're buying a home in France, and these can vary according to the type of property and the region you're buying in. But as a guide, you should allow for the following:

Estate Agent's fees

These can be up to 10% of the purchase price, plus VAT at 19.6%. However our own Property Agents in the South of France charge just 6%. Check that these fees are included in the purchase price! By law, French estate agents must have their fees displayed prominently in their offices.

Notaire fees

Around 1% which are usually shared with the seller.

Land Registry fees (Droits d'Enregistrement)

These depend on the price of the property but range from 0.715% if you buy a new French property and 5.09% if you buy an older property.

Mortgage registration fee

This can range from 1 to 2% depending on the amount of your loan.