Buying Homes In France - The Legal Bit

As we said in the previous post, there is nothing especially difficult for the foreigner about buying homes in France. However, the process is quite different from that in the USA or UK, so it helps to know what happens.

1. When you have chosen your property - whether from an estate agent or through a private arrangement with the owner - you go along with the vendor to a legal official called the Notaire or notary. There is one for every local area. You will be required to pay the Notaire a deposit of 10 percent of the purchase price.


2. You and the vendor will then need to sign a contract called compromis de vente, in the presence of the Notaire. This becomes legally binding after seven days - before this, either side may withdraw without penalty.


3. One important difference from the US or British systems is that in France the house purchase process doesn't necessarily include an appraisal or survey. However, in most cases it's not advisable to leave this out, so during the seven-day cooling off period it would be a good idea to hire a local builder to check that the property is structurally sound. If you discover major faults AFTER the end of the seven-day period, you will still incur major penalties for pulling out!


4. During the next few weeks, the Notaire will carry out legal searches. This usually takes 2-3 months, though the Notaire won't be able to give you an exact date in advance. If you go home during this process, you should provide contact details so the Notaire can let you know when the completion date will be.


5. During this period you need to ensure that the full purchase price is in the Notaire's bank account. The easiest way to raise finance is usually by getting a mortgage with a French bank. Alternatively you can refinance your existing property or obtain a home equity loan.


6. On the completion date you and the vendor will sign the final contract called the Acte Authentique. Once this is signed - the property is yours!

All you have to do now is enjoy your French home! If you can't wait to start your search, go to http://www.bizwrite.co.uk/realestate/overseasproperty.html If you are in the USA and would like advice on refinancing your existing property, visit http://www.bizwrite.co.uk/realestate/lending.html (It's a bit easier in the UK to find mortgages for buying properties abroad.)