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 The french website for french properties |
Tel:00.33.2.96.33.29.30-Fax:00.33.2.96.33.32.36 email:property@wanadoo.fr
Some information about the French system to buy and sell :
The first thing to do of course is to find the house of your dreams, we are here to help and hope you will find it through us.
Then negotiate the price and come to an agreement with the seller.
Then, at the agent office, you will sign a " Compromis de vente". It is a preliminary contract that bounds the seller and the buyer during the time the notary gathers all the official papers for the completion. At that stage, you have to give a deposit, most of the time 10 % of the price of the house. This deposit will be put on a escrow account ( Client account) held by the notary or the estate agent. You now have two options:
•You buy cash :
The contract can be considered as definite. If you break the contract, you loose your 10 %.
•You apply for a mortgage :
You have a delay, minimum 1 month maximum 45 days to approach banks for a loan. If they refuse, the contract is off and you get your 10 % back. If they accept, the conditions are the same than for a cash buy.
The completion takes place at the notary office.
The notary will explain to you everything about the property, if there are rights of way and so on. He/she will confirm that there is no outstanding mortgage on the property. In France, when you sell a house, you have to free the mortgage on it, if there is one. He/she will also check that there is no plans to build an airport or motorway in the neighbourhood. Once he has read the deeds, they are signed by all parties, you settle the outstanding balance and you become the owner of your property.
The notary acts for both parties in France, but if you wish, you can choose your own notary for the sale at no additional cost to you. In that case, the notaries share the fee. Once you have signed, the notary will give you a statement, proof of ownership, and you will receive a copy of the deeds 2 months later, once they have been recorded by the French administration. The original copy is always kept at the notary Office. To understand the price of a house in France, you have to know that there is:
•The net vendor price, that is the money that will go to the seller.
•The fees, collected by the notary. According to the price of the house, they are between 10 and 15 % of the price of the house. Most of them are taxes. If there is a lot of land, the rate can be higher. The more expensive the house, the lower the rate of taxes . For example, on a 106 000 € house, the notary fee will be 10 % of the price; on a 15 000 € house, the notary fee will be 15,4 % !
The estate agent fee is not set or fixed in France. It varies between 10% and 3%, usually, and again, the higher the asking price, the lower the fee percentage.
The agent has to be registered by the French administration, he has a professional card. It is your guarantee when you use an estate agent in France.
Of course we can at any time, tell you how much it will cost you inclusive of all the fees.
Most of the time, when you buy in France, it is freehold, you become owner of the property and the land.