Buying a house in France – The best ideal process
Buying a house in France is one of the biggest real estate investments,
The process for buying a house in France:
Search your French Property :Buying a house is certainly a major commitment generally for the long term. When you are certain that you are ready to move forward, the first step is to locate a property. Beginning by setting your budget and your debt-to-income ratio (DTI RATIO), you have to look at your current income and debts so you can consider how much you can afford. After considering your budget and your affordability, you start to determine your search criteria more based on the specific place and the type of house you are looking for. For instance, you start questioning: do you want a home in a big city or in a rural hamlet? How many bedrooms? What style of property? Property prices? Making a list of your priorities and essentials for you will increase your chances of finding the best choice. Find and discuss your requirements with the right real estate agent. It will be very helpful to focus on properties that are ideal for you.
Viewing houses that you have selected :After working out your budget, listing your search criteria, and addressing these requirements to your real estate agents… It is time to begin house hunting and to search for houses for sale in France that fulfill your needs and aspirations by organizing your viewing trip to France. Thanks to the emergence of virtual reality, you can save time and money by taking virtual tours to the French property you want to view. The list of your top priorities that you made earlier will absolutely help you to better choose between the plenty of options of properties for sale. Undoubtedly, you need a trusted real estate agent to show you homes that meet your criteria.
Make an offer on a property :Once you finally find a property that fits your needs and budget, it’s time to make an offer. Now, you can communicate with the vendor and negotiate the purchase price… Or, you can let your real estate agent communicate on your behalf and hopefully agree with the price before you leave. Once the vendor accepted your offer, you have to make a deposit transferred to the escrow account of Notaire Public. For off-plan purchases, it is usually 2% to 5% and for resale, it is 10%. That amount of money goes toward your down payment and closing costs if purchase the property in question. And typically, you lose your deposit if you agree to the home sale and later cancel.
Sign the agreement sale (Compromis de Vente) :When the vendor accepted your proposal… The agent will put together the details required to draw up the “Compromis de Vente” which represents the initial sales document. this is an agreement sale contract that both the buyer and the seller sign to seal the deal and map out the French property-purchase process This document contains within many information that you can check from here. This time, a completion date will be set at this stage. The seller/vendor is legally bound to sell you the property at this stage, but you have ten days to review their decision about the legal obligation to buy.
Pay the Deposit :Once you signed the compromise de vente, you will be required to pay a deposit normally 10%, to the Notaire at the end of the ten-day cooling-off period, if you already have not paid. Both the seller and you are legally required to complete the sales process at this point. That means:
- If the seller chooses to abandon the deal, they must return 10% of the property’s value plus your deposit.
- If you decide to withdraw that deal, you must pay the seller 10% of the purchase price in damages.
Sign the Final Contract :To finalize all the necessary paperwork for a property purchase takes usually between 6 to 12 weeks. When the day of completion arrives… You will be invited to the Notaire’s office to sign the final document in the buying process (Acte de Vente) which guarantees the legal transfer of the property owner. The Act de Vente contains a lot of the same information as the Compromis de Vente. Ensure that you have insurance on the property before you take ownership. Ensure that the remaining funds required to complete the purchase, notary, or legal fees are in the Notaire’s bank account. It is important to ask for confirmation the money has been received before you leave. Your currency exchange agent should be able to provide this type of information. When the sale agreement is signed! You will be given the keys and will be the legal owner of the property.
Vendome Property Will Guide You Through This Property buying your dream house in France Until You Finally Find What You Are Truly Looking For. YOUR SATISFACTION IS OUR PRIORITY!
Don’t Hesitate To Subscribe To Our Email Alert Or To Contact Us For More Information.