The purchasing process in 3 steps
Make an offeron a property
Sign the first deed of sale, called the “Compromis de vente”
Sign the final deed of sale, called “Acte de vente”
Step 1 : Make an offer
When you visit a property in France, it is customary to make a price offer.
Your real estate advisor will ask you to put this offer in writing (in an e-mail or in a letter).
He will then present it to the current home owner and will start the price negotiation on your behalf.
- The result of the negotiation will depend on different factors:
- •Has the property been up for sale for a long time?
- •Has the price already been reduced recently?
- •What is the estimated cost of the renovation work?
Step 2 : The first deed of sale “le compromis de vente”
The “Compromis de Vente” is the first legally binding document which constitute the second step of the property buying process in France.
Once the offer has been accepted, you will sign this sale agreement at the notary’s office accompanied by your Capifrance real estate agent.
- This document binds the seller and the buyer, and it contains:
- •The full description of the property, its land, its outbuildings;
- •The detail of the selling price and the real estate agent fees;
- •Energy performance diagnosis (provided by the seller, mandatory);
A security deposit will be given to the notary on that day (between 2% and 10 % of the selling price)
After the signature, there is a 10 day “cooling off” period for the home buyer: he is entitled to withdraw from the transaction without paying a penalty fee.
After these 10 days, if the buyer wishes to withdraw from the transaction, a penalty fee must be paid (usually the full amount of the security deposit held by the notary).
Step 3 : The final deed of sale “l’acte de vente”
There is usually a period of 3 months between the first deed of sale and the final one.
The signing of the “Acte de Vente” must be signed at the notary’s office, accompanied by your Capifrance real estate agent.
- What will happen on that day:
- •You will sign the “Acte de Vente” (containing the same information recorded in the “Compromis de Vente”)
- •The mortgage company will pay the full amount of the selling price, by bank transfer into the notary’s bank account
- •Once the “Acte de Vente” is signed, you will become the legal owner of the property immediately, and the keys will be handed to you (so you also need to ensure that you have insurance on your new property, well before the day of signing).
Please note that French administrative documents regarding the sale of real estate must be accompanied by a translation into the mother tongue of the client, by a certified translator registered on a list of judicial experts, or by a bilingual notary.
