The Submission offer
Once you have ascertained the property you want to purchase we then have to put forward your offer to the agent or vendor.  This offer is dependent upon the length of time the property has been on the market, the general condition and how keen the vendor is to sell.  We usually aim to lower the market price although this must never be assumed and therefore we ask that you only look at properties in your price range or lower.

It is easy to offer too much in the stress and excitement of this process, which is why we recommend you leave the whole process to us. We use our experience and skills in the negotiation process to reach a price where all parties concerned are agreeable.

The compromis
If the vendor has accepted your offer, then the compromis (initial sales deed also known as sous-seing privé) will be set up either by the agent or by the vendor's notaire. You will be appointed a notaire who will act for both interested parties (buyer and seller) you can appoint your own solicitor if you wish. The Notaire will require your personal details (date of birth, marriage, divorce, number of children, if you are taking out a mortgage, details of the mortgage etc) and photocopies of your passports. You will also be expected to transfer 5 or 10% of the sale price to the agent or notaire's holding account.  The compromis contains all the relevant information on the house, the vendor and the purchaser, method of purchase, the compulsory surveys and a plan of the property and its situation.

In addition to this will be the results of the termite/lead and asbestos reports and recently introduced the reports containing any seismic activity, pollution or environmental issue that may affect the sale of the property.

You can either be present for the signing, or sign the compromis from home, or set up a proxy to sign for you.

The Seven-day retraction period
This is a critical period in the purchasing process and is a time where both parties can release themselves from the agreement.

Once both parties have signed the compromis, the purchaser (if he is not a professional in the real estate business, property developer or he is purchasing land) has the right to pull out of the sale within a seven-day period starting from the day of the signing. If he pulls out within this period, he will be reimbursed the deposit (usual 10%). However it should be noted that occasionally the agent will demand a fee for setting up the compromis if you pull out, to cover the expenses and time incurred this does depend on the agent and will be stipulated in the deeds.
Once the seven-day retraction period is over, and only if one of the let-out clauses is not fulfilled, may the purchaser back out of the sale and not lose the deposit, for example if there is a refusal of your mortgage application.

Nearing completion
During this period we may contact you regarding the necessary research the notaire will be required to do on the property, and to keep you informed of any information we may have acquired during this stage of the process.

The Completion
Once the notaire informs us of a date for completion, you will need to make the necessary arrangements for transferring the final balance on the property, the notaire and agents fees. You can do this via your bank or a currency broker.
The monies must be with the notaire on the day of completion otherwise no signing will take place. We therefore recommend that you arrange for the monies to be in the notaires account at least a week before the signing.

On completion you will be given an attestation (certificate) from the notaire proving that you are the new owner of the property.  Later the proper deeds will be dispatched to you.

If you require our services to connect your utilities (gas, water, electricity, telephone) we will be happy to do so, together with opening a bank account and the house insurance and any other help we can provide.

The Final Signing
We strongly advise that you do your utmost to be present for the signing but if this is impossible, a proxy will be arranged.  However it should be noted that this is relatively complicated at the completion stage. If you do not fully understand French, you will be required to translate the power of attorney document set up by the notaire (this must be done by a certified translator) and you will then need to sign it at the French Consulate in London in front of their notary.This requires making an appointment well in advance.  In both cases we can be present at the signing, and it is at this stage that the keys will be handed over to you.

Property taxes
The property taxes in France are the equivalent to the UK local rates and are considerably less.  The charges vary from the size of your house and its condition, to the amount of land you own with the property and where the property is situated.  Both taxes are paid at separate periods.

Residence tax (Taxe d’habitation) 
This tax is paid annually usually in October and paid by the person who is owner of the property on the 1st January of the year you purchase. You are informed of the approximate cost at the time of purchase.

Property tax (Taxe foncière)
This tax is due in September and will be paid by the vendor up to the date of sale and by the purchaser from the date of completion up to December of the same year on a pro-rata basis. Depending on the date of the completion, the notaire often asks for the payment at completion.

Back