Buying a property in France is a very well regulated process.
The Notaire (Solicitor) is a government official responsible for the conveyancing and represents the buyer and the seller. Notaire fees including Stamp Duty are fixed – around 4% for new properties and 7% for second-hand. If you appoint a Notaire who is different to the sellers they split the fee (you do not pay twice). It may also be advisable to appoint a solicitor to advise on the legal documentation.
Most property purchases in France are done in a two stage process:
Stage 1: Preliminary contracts “Compromis de Vente”
When you select a property you will sign a preliminary contract (Compromis de Vente), which binds the buyer and seller subject to obtaining a loan. Normally you will be required to pay a 5% deposit to the Notaire at this stage. There follows a 7-day cooling off period.
Stage 2: Final contracts “Acte de Vente”
Within 2 – 3 months a final contract will be signed. We will work with you to arrange how best to do this including organising a Power of Attorney (procuration) to enable you to sign near where you currently live if required.
Oui Can Do works with a number of English speaking legal advisors and Notaires in France, UK and Ireland to get you the best possible legal advice. Contact us today and we will work with you to get legal support appropriate to your type of investment.CLICK HERE
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the Code of Conduct of the NPSRA (National Property Services Regulatory
Authority). Authorised by the FINANCIAL REGULATOR to engage in Mortgage Intermediary business with French Banks (C48206)
