Buying a Property in France

Buying a property in France is a pretty straightforward process and one that should not prove too stressful for international buyers. The process is the same for a small Nice apartment or a huge château.

Once you have selected the property you wish to buy you will make an offer, this can be verbal or written (offre d'achat). What usually happens is a bit of to-and-fro-ing as both buyer (aquereur) and seller (vendeur) haggle until a price is agreed.

With an agreed price you can proceed to sign the compromis de vente, a preliminary contract of sale - this can be done in person or via registered post. At this point you have 7 days to change your mind a "cooling off" period, during which if you do pull out, you will lose nothing. A French notary (notaire) will authenticate the compromis de vente and begin the process of making all the correct searches. He or she will also remind you and the seller of your responsibilities. At this point of buying a property in France you will be asked to pay a deposit, usually 5-10% of the agreed price. This deposit (acompte) becomes non-refundable after the 7 day cooling off period. Incidentally if the seller backs out then you will have your deposit returned plus an amount for breach of contract (usually the same percentage again).

The French Notary is an independent professional acting for neither buyer nor seller. Their responsibility includes the collection of all appropriate taxes on behalf of the state. Allow 7-10% of the purchase price to cover notary fees and various taxes and sundry costs. You are entitled to choose your own notaire just as the seller can - they notaires will split the fee.

When compiling the Compromis de vente it is essential to include any clauses suspensives you wish to be taken into account. These are conditional clauses that must be met before the completion of the deal can go ahead. For example a typical clause may be "subject to receiving approval for a mortgage" or "subject to planning permission for a swimming pool and pool house". Should your mortgage application or planning submission be turned down you are then not obliged to proceed with the purchase and can recover your deposit (though you must show reasonable proof of trying to attain the mortgage etc).

If you do need a mortgage, get the application going as swiftly as possible ... and keep chasing your mortgage company (they can be slow!). Once they send you an offer you cannot accept the offer for a further 10 days (and not later than 30 days). Why? this is France and those are the rules of buying a property in France!

Assuming everything goes as planned, the final step to buying a property in France usually takes place around 10-12 weeks later. Then you must return to France and sign the "Acte de Vente" - the deed of sale or conveyance document. You will then get the keys and be the legal owner of a property in France. Congratulations.

That's the theory about buying a property in France - return to Riviera Real estate page to begin the process for real!

Return to the Nice City Vacation Home Page