 |
31st July 2010
|
How to buy your house in France - the processWhen a rural Frenchman buys a house (something that seems to happen far less frequently than with his British compatriot) he will, traditionally, hear about the house by word of mouth, go to a notaire’s office, or look through private ‘for sale’ ads in his local paper. Although estate agents (known as ‘agences immobiliers’, or just ‘immobiliers’ for short in France) have existed in the larger towns, and specialised in up-market properties, for ages, agencies dealing with the sort of country properties beloved by British buyers seem to be a fairly recent development.Can you do it the French way? So isn’t it best to do as the French do? The answer to that question is yes – as long as you speak the language like the French do and know the house-buying process as well as a Frenchman (it works rather differently from the English, or Scottish, systems). The snags are, buying privately; you are completely on your own, although a notaire has to be involved in the sale to handle the legal processes. And visiting a notaire’s office to select a house is usually an uphill struggle for a non-French potential buyer. Why this is, is explained here: Notaires So it’s often easier to use an agent – either a French agence immobilier or a British agency or English-speaking property finder. See the FrenchEntrée.com Directory for details of Property Agents and Property Finders. Viewing Once you have picked a house, or houses, from the agents’ lists, you will be taken to view them. It’s often said that, because several agencies are usually instructed to sell a house, agents can be very possessive about their clients. There’s a certain truth in this, but the real reason is that accompanying potential buyers on viewings is the norm in France; in fact it’s a requirement. Some, but not all, agents will ask you to sign a document before any viewings take place. This is known as a ‘bon de visite’ or ‘mandat’ and ensures that once that agent has shown you the house, you can’t reduce costs by dealing direct with the seller or going to another agency. Making an Offer If you decide you want the house, you will make an offer. You still hear reports of houses selling for way below the asking price - this may still happen in a few as-yet less popular regions, but it seems far more common – at least when houses are selling well - for buyers to insist on the price they are asking and not to consider lower offers. When an offer is made at the asking price then the seller is legally bound to accept it. There’s nothing to stop a buyer offering less, but beware: because houses are on the books of several agents it’s not uncommon for a higher offer to come in while your lower offer is being considered, and before you know it the seller has agreed to sell at that higher offer. Contracts See also Legal Process FAQ When an offer is accepted, the seller and buyer will then sign the first formal contract (some agents get you to sign a preliminary non-binding agreement at this stage confirming your offer). After signing this contract – known usually as the Compromis de Vente , though there are variations in the type of contract in some areas – you are committed to buy. If you change your mind you will forfeit a penalty of 10% of the price (it is common to pay this as a deposit when signing the compromis). But the seller will also be bound by similar terms, and at least you, as buyer, have a seven-day period after signature in which you can withdraw without penalty. The compromis can be drawn up either by a notaire, or by a registered French estate agent. Unlike English property transactions, when a buyer can pull out with no reason, there is a moral expectation in France that once the buyer has made an offer then he will continue with the transaction, unless something happens outside the buyer’s control. So it is important that any questions about the condition of the property, the planning status, getting a mortgage etc are resolved before signing the compromis, or are subject to conditional clauses ("clauses suspensives"). It usually proves better (though it is not essential), particularly if there are clauses suspensives, if the seller signs the compromis first and the buyer signs second. On signing, a deposit (normally 10% of the price) will usually be payable. This is normally payable to the notaire, though some agents maintain special secure accounts to hold deposits. Don’t pay anything before signing, particularly not to any agent personally. Legal Process After this, the notaire begins the legal processes. You will be given a date, usually at least 12 weeks ahead, for signing the final Acte de Vente. You are expected to do this in person (though the notaire can arrange to give somebody else power of attorney). The rest of the price, including legal fees etc, must be paid by the signing date, and after signing the house becomes yours. Getting the money there on time Note that it is the buyer's responsibility to make sure that the money, including all professional fees but less any deposit paid, reaches the notaire's account in time for clearance of funds before signature. Variable exchange rates can have quite an effect on the actual sum required, so many people use a currency exchange company: see Finance Section. French money-laundering regulations mean that you won't be able to turn up with a handful of Euros or a personal cheque. But however you intend to pay for your house - by bank transfer, banker's draft, French or British mortgage, or via a currency exchange specialist - it is important to ensure that all parties are aware of the date by which the notaire requires the money. If the mechanics of the French house-buying process interest you, there is a book by a former French estate agent, which explodes many of the myths and gives an insight into the legalities (or otherwise!) of the profession. The book is called ‘Selling French Dreams’ by Alan Biggins and can be purchased here. Enjoyed this Article? Read the best of FrenchEntrée each month by registering for our French Property Tips newsletter. Property Buyer`s Guide Home Page Looking for a property in France? Use FrenchEntrée's Property Finders to help you find your property and to help you through the buying process 
|
Thanks to our advertisers and sponsors - their support enables this site to remain free for all visitors.
Sterling offers!
 If both you and your seller are British, we can conduct your French property purchase entirely in pounds Sterling. Find out more
Exclusive French mortgage rates
 The FrenchEntrée Mortgage service is pleased to announce the launch of a number of exclusive fixed rate French mortgage products, including a 2 year fixed rate mortgage starting from 2.90% and a full term fixed rate mortgage starting from 3.65%.
French Alps Ski Property
 MGM Constructeur, the leading property developer in the French Alps currently markets high quality apartments in more than 40 locations: ski resorts, alpine villages and by Lake Annecy. More info
Weekly removals to France
 Weekly service to all areas of France, Part loads, Full loads get a Free online quote. Just a few Boxes? We can ship boxes door to door ONLY £24.95 each in 3 days! Get your free quote!
Make your property search easier!
 Let us know what you want to buy and we will help you find properties that tick all the right boxes. Fill out our property requirement form and our FrenchEntrée property consultant will get back to you.Is your house Insured?
 Insurance for your French holiday home when it's unoccupied or holiday let. Simple to understand Frenchhome insurance in plain English. - Get a quote Fed up of high UK taxation?
 Speak to the tax experts at Blevins Franks to explore your tax saving options in France."We love the house and what a price!"
 FrenchEntrée's independent property finders help buyers get the right house at the best price. Apply for your mortgage
 Apply online for your French mortgage today and fast track your quotation. Euros and Sterling mortgages available.
Apply now.
 Save a fortune on currency exchange
 If you need advice or a currency exchange quote, make a no obligation enquiry to Moneycorp, FrenchEntrée's Currency Partner. Apply now to open a currency accountLooking for luxury property in France?
 France offers an excellent range of properties for home buyers looking at the luxury end of the market. With miles of coastline, historic cities and picturesque countryside France has something for everyone. View our latest French luxury property
Books on Buying French Property Are you moving to France and needing more information on buying your French property? The FrenchEntrée bookshop features a wide range of books covering the buying process, French law, living in France and the regions of France. Visit the FrenchEntrée Bookshop to make your purchase. French Property Tips Newsletter ArchiveAre you looking to buy a new property in France? Keep up to date with all the latest french property news, law and finance stories, and featured property hotspots. Sign-up for our free newsletter or visit our newsletter archive to view previous newsletters. French Property Tips Newsletter FrenchEntrée Adviser Panel |
Over 12,000 properties