The Buying Process

SUBMITTING AN OFFER

Having found a property you would like to buy, you should promptly submit an offer. If your offer is accepted, you will be required to sign an agreement to purchase which is called the Compromis de Vente (Compromis). Under French law you have a 7 day “cooling off” period in which you can withdraw from the purchase following Signature of the Compromis.  

The Compromis should include the following information:

The amount of your offer.

This will be in a fixed amount in Euros. Some vendors will want the asking price. Others may consider a lower price. Please ask us for advice regarding the owner’s flexibility.

Your Position & Ability to Proceed.

You should confirm whether your purchase is dependent on the sale of any other property (if so, the position of any sale) or on obtaining a mortgage or other finance (whether in France or the UK).

Any Conditions

Contracts for the purchase of a property in France are effectively on the basis of bought as seen, other than for the statutory surveys for asbestos, thermal efficiency, lead and termite infestation, which are arranged and paid for by the owner.

If you require your offer to be subject to any conditions, such as the offer is subject to a survey or the obtaining of a planning permission (certificate d’urbanisme) or the purchase of any contents or furniture, these must be stated

in the Compromis. Although the seller of a property in France owes the buyer a strict duty of care to provide complete information on the property on any matter which may affect the buyer’s offer, things can be “missed”. We recommend that the buyer ALWAYS has an independent survey. The buyer has the right to withdraw from the purchase if the Notaire discloses serious planning matters which may affect the value of the property.

DEPOSIT

After the 7 day “cooling off period” after signing the “Compromis” has expired, the buyer will be expected to pay a deposit of 10% of the purchase price to the Notaire within 14 days.  

Proposed Completion Date.

It is usually not possible to set an exact date for legal completion (called the Acte Authentique) of the purchase under the French conveyancing system. Unlike the English system where there are usually two solicitors involved, a single Notaire (“Functionaire” of the state ) acts as a lawyer between the seller and the buyer, and is usually the sellers Notaire. He is responsible to both parties. He checks the title, and draws up the transfer papers. When the Notaire is ready he will arrange a meeting with the buyer and seller where the transfer papers are signed and when the buyer pays the fees and taxes. The buyer should allow a sum of about 13% of the purchase price to allow for the taxes and fees of the Notaire. These are paid at the time of completion. A period of 6 months between the signing of the Compromis and the final completion is not uncommon. Alternatively, either party can give a Power of Attorney to allow a signature to be applied by a proxy (usually a clerk in the notary’s office) but this is not recommended.