Is buying a property in France difficult?

Given the right guidance, it can be a safe and straightforward process. However, France has a different pricing and tax structure in comparison to other European countries. We will be with you each step of the way to ensure you fully understand the implications before you commit to anything.

How do I make an offer?

When you have found the property you want, we will present your offer to the seller. Once the purchase price has been agreed upon, you will both sign a Compromis de Vente. From this point onwards, the seller cannot change his mind or the price. This prevents what is known as guzumping.

What is a Compromis de Vente?

This is a legal binding contract made between the buyer and seller once they have both agreed on a purchase price. At the time of signing, which can be done in person or by post, the buyer must give a 10% deposit to be held in trust with a notaire. Unlike the seller, the buyer will have a seven day cooling off period during which he may recind his offer without penalty. After the cooling off period ends, your deposit is only refundable if any of the let-out clauses are fulfilled. Similarly if the seller withdraws from the sale, the Compromis will state what penalty the seller has to pay to you. If you are getting a French mortgage, the Compromis will include a clause suspensive which means if the mortgage application is declined, you walk away from the purchase losing nothing.

What is a notaire?

A notaire is the English equivalent of a solicitor, however he is employed directly by the French government. He is the only person who can legally transfer the deeds of a property. He will hold in trust any deposit paid on the flat and will ensure all legal requirements are fulfilled before the buyer and seller sign the final deed of sale. He is also responsible for clearing all paper work with the town hall and the transfer of the deeds. A notaire also takes care of the sales tax on the property of which you can expect to add around 7-8% on top of the agreed purchase price. For example, if you purchase a property for 210,000€ then the payments would be as follows:

• 200,000€ to the seller
• 14, 000€ to 15 000€ in sales tax/notaires fees (7-8% of sum above)
• 10,000€ (ie 5%) comission to the agency that listed the property

So if you agree on a purchase price of 210,000€ with the seller, when it is all said and done you can expect to pay around 224,000€ - 225,000€ for your property.

Any more questions?

Feel free to ask us anything via our Contact page.