British and other nationalities have been making the move to buy property in France for decades now, and when it comes to such a major purchase some people will experience a smoother ride than others. This can be for a whole variety of reasons, but this article examines especially the difference between the process in France versus the United Kingdom. That said the comparison will be useful to many non French nationals on the brink of buying property in France.
Most Complications Tend To Be Due To A Lack Of Understanding Or Language Issues
Since the process of buying property in France is strictly regulated and straightforward, complications and problems are less likely to arise upon purchase. However, just like any house buying process, issues may possibly occur, but they often arise due to the failure of the buyer to understand the process.
If the buyer doesn't speak French, which can be the case quite often in the case of foreign purchasers, then the chance of having issues is naturally increased. Whatever you do, don't consider that your French is better than it is, that could be a very costly mistake!
Buying A Property In France v UK - Important, Significant Differences
Before making any final decision, be aware that there are important, significant differences between buying property in France and the United Kingdom, and these have one foot in the area of the French property purchase and the other foot in the area of inheritance.
When buying a holiday home in France or a second residence or new home, it is vital that you are aware that you will be bound legally at a much earlier stage of the process than you would be in Great Britain and some other countries.
This happens at the Compromis de Vente or Promesse de Vente stage. So although you may see these as documents, which they are, they are not documents in the sense that they do not need to be subject to contract, so you may as well consider that they are contracts, this may avoid any hasty actions.
However let's look firstly at another important difference between buying property in France as opposed to the UK, which is regarding surveyors.
Using Surveyors When Buying A Holiday Home In France
You and I know that here in Britain, before signing any documentation it would be a normal thing to do to get a surveyors report on the property. Think again. Another significant difference is that surveyors do not exist in France in the same way as Britain, so you cannot expect surveys to be carried out.
Whatever you do don't get confused about the fact that a number of UK building societies who have subsidiaries in France may request valuations. These are only valuations and not surveys.
In France most likely some experts may go to the property, for example to check if there are termites or if there is any asbestos, but again these are experts in specific subjects and not surveyors.
Don't forget you need to make this decision and implement it before you come to an agreement on price and before signing the Compromis de Vente or Promesse de Vente.
Compromis de Vente or Promesse de Vente
Compromis de Vente - Sales Agreement/Promise of Sales Indenture is a legally binding agreement between buyer and vendor. If either party reneges on the agreement, the other party is within their rights to take them to court. This is generally used in individual sales. Some Brits see this as a document that will be subject to contract, but this is not the case. It needs to be viewed as the first contract.
The Promesse de Vente - the Promise of Sale/Unilateral Promise of Sale is when the owner promises to sell the property at an agreed price for a specified, limited time period which is most commonly between 60 to 90 days. However this is more common in larger property sales scenarios.
The Compromis de Vente works like this. Once you have verbally expressed commitment to buy the property that you have chosen, then a Compromis de Vente is drawn up. This document is created by a notaire (notary) and is a legally binding document which includes the price you have agreed to pay, the completion date (which is often either 60 days or 90 days) and other clauses, which pertain to your success in getting a mortgage and other possible escape clauses.
A 7 day cooling off period follows this signing, at which stage you within your rights to withdraw without having to pay any penalties.
After this 7 days period, the 5% - 10% deposit is paid and next the notaire will do a variety of checks on your behalf regarding the property and any possible planned developments in the vicinity.
If you are buying property which has land of over 1 hectare then the notaire should also consult the registry of landowners in France, SAFER. This is because any neighbours with land which is adjoining can exercise their right to buy the land, although this doesn't happen too often.
Reports Which Should Be Provided By The Vendor
Reports of the energy, electricity, gas, termites, lead and asbestos should be compiled into one global report which is called the Dossier de Diagnostic Technique (Technical Diagnostic File).
These are legal requirements for which the vendor is responsible, to pay for up to date reports. If the property has a pool then a report regarding the safety features is legally required. Also in some areas termite reports are required. These are supplied as an attachment of the Compromis de Vente.
How Long Does It Take?
On average the entire buying and selling process normally takes around 3-4 months from the day the offer is made until the final contract is signed.
The Final Signing - Acte Authentique (Acte de Vente)
Another difference will be that the final contract is not based on a standared and therefore means that without expert interpretation that you, a native English speaking buyer, can be confident of what is contained in this vital document.
Expect that most likely you will see the Acte Authentique (Acte de Vente) for the first time in the office of the notaire who has been proposed by the ฝากขายทาวน์เฮ้าส์ vendor. By the way don't be surprised if you do deal with an estate agent to see them at the signing, as they expect to get paid their commission there and then on the day.
It is the practice that the Acte Authentique (Acte de Vente) is read out in full, naturally enough in French. As there isn't a standard contract as such, it is very important that you are confident in the abilities of the notaire, as well as their standard of English. If not pay the extra money for an interpreter.
Bear in mind that in any country legal jargon can be a nightmare to put into layman's language, so add this into the equation.
Why not seek the best professional advice at this important time? Remember after the signing it will be too late to do something. Consider employing a law practice that speaks perfect English.
Once the signing has been carried out the purchaser will give a certified cheque or bankers draft to the notaire, and will then receive the keys for the property. From then on the new owner is of course responsible for insuring the holiday home or new home.
Translation
You can find an English speaking notaire but you should be aware that the legal documents are written in French and they often contain terms which are unfamiliar. Some estate agents can offer you with translation service but if you are not sure about it, you can get the services of a professional translation agency in your home country or within the country. Ask your agent if they know someone who is a registered translator who can translate legal documents.
If you are close to buying in France, whether it is a French holiday home or a more permanent residence make sure you are prepared to face the process well armed.
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