Buying your dream home in Provence with us: the buying process
Here at VIP Real Estate, we will assist you throughout the buying process taking the stress out of your French property transaction. The following guide will give you an overview of the buying process, which takes 3-4 months on average.
Property Search
With our expertise of the Provence and French Riviera regions, we will be able to recommend properties tailored to your specific requirements. If you need to finance your purchase via a mortgage, we can recommend several mortgage brokers who will be able to advise if you can have a mortgage “in principle”.
Property Viewing
Once you have chosen a property you want to view, we will be happy to accompany you on your property viewing and give you the inside track on the local amenities of the area.
Making an offer
If you have specific requirements (mortgage, price, furniture etc…), please let us know so we have all information to negotiate an offer with the seller. Once your offer has been accepted, the property will be taken out of the market and we will gather your personal details for the preparation of the initial contract (compromis de vente).
Compromis de vente
The compromis de vente is the initial sale contract which will bind the seller and the buyer. It will be prepared by the French Notaire (public official and conveyancing lawyer) who is handling the conveyancing. It is normal in France to have one Notaire handling the transaction for both parties in an impartial basis. The contract will include important information (e.g. your personal details, property description, technical diagnostics, purchase price and deposit, furniture, the mortgage get-out condition if your purchase is subject to a mortgage offer). It is critical that you understand all aspects of your compromis de vente and we will go through the document in detail with you.
Notaire’s fees
The Notaire’s fees amount to around 7-8% of the purchase price for a resale property and 2-3% for a newly built/off-plan property. They include stamp duties and land registration fees.
10-day cooling off period
You will benefit from a 10-day cooling off period, which will start the day after receipt of the countersigned compromis de vente via registered post or secured email. During that period, you are entitled to change your mind and withdraw from the purchase without incurring any penalty.
Payment of your deposit
At the end of the 10-day cooling off period, you must pay a deposit (normally 10%) to the Notaire’s bank account which will be held in escrow by the Notaire until completion (signature of the acte de vente). At this stage, the compromis de vente becomes binding and if you wish to withdraw you will have to pay damages to the seller equating to 10% of the purchase price.
Acte de vente (completion)
Once the Notaire has completed his local searches, he will prepare the acte de vente and invite you to attend signature at his office at the date scheduled by both parties. The acte de vente is the deed of sale and will reiterate the terms agreed in the compromis de vente. If you do not understand French, the Notaire may require a professional translator to be present at signature to explain the main terms of the deed. In any event, we will also be present to assist you.
We recommend our clients to attend signature in person so you can inspect one last time the property with us before signature and collect your keys afterwards. If you cannot attend signature in France for personal or professional reasons, we will help you to arrange signature via a power of attorney.
The completion funds (purchase price + Notaire’s fees) must be transferred via bank transfer and reach the Notaire’s bank account before the completion date. You must ensure to obtain appropriate insurance to cover your property from the day of signing.
Congratulations!
Upon signature of the acte de vente, you will become the legal owner of your new property and the keys will be handed over to you accompanied with a glass of champagne from us!
