Just like making an investment in real estate in any other country, France has its own legal requirments when it comes to making an investment in property whether it's an apartment or villa, chateau or vineyard for sale in France. If you've not visited France before but have an interest in buying property in the country, it is important that you've got a proper idea of the procedures involved. A basic overview of the process is discussed here.
When you enter into an purchase agreement with a someone selling their property, you will be given a letter of confirmation. You can change your mind regarding your offer within 7 days of receiving the confirmation letter, should you change your mind for any reason, without being charged any cancellation costs. Once you have agreed on the particulars of sale with the seller, a Compromis de Vente contract is drawn up in the presence of a conveyancing solicitor called the notaire. All the details of the sale will be included in this contract and will be signed by both parties. You will then be subject to paying a 10% deposit at the time of signing the notaire.
In the period that follows, you may likely have to have the property checked by expert surveyors available locally. You will need to look for aspects like plumbing, electricity for example. And in 2 months you're expected to pay the remaining balance amount. If you make a decision to back out of the sale in this period without a legitimate reason, the deposit amount will be retained by the vendor.
If you do decide to go forward with the sale, you may sign the final contract in the company of the notaire. At this point, you will also pay the remaining amount that is due to the seller. Extra costs include the notaire's charge, which is approximately 8% of the total sales amount, the brokerage charges and a VAT (Value Added Tax) of about 20%.
You'll need to produce documents like your birth and marriage certificates, if you're married, in order to buy French property. Also if you're not able to speak in French, you may have to acquire the services of a translator to help you understand the process better.
When you enter into an purchase agreement with a someone selling their property, you will be given a letter of confirmation. You can change your mind regarding your offer within 7 days of receiving the confirmation letter, should you change your mind for any reason, without being charged any cancellation costs. Once you have agreed on the particulars of sale with the seller, a Compromis de Vente contract is drawn up in the presence of a conveyancing solicitor called the notaire. All the details of the sale will be included in this contract and will be signed by both parties. You will then be subject to paying a 10% deposit at the time of signing the notaire.
In the period that follows, you may likely have to have the property checked by expert surveyors available locally. You will need to look for aspects like plumbing, electricity for example. And in 2 months you're expected to pay the remaining balance amount. If you make a decision to back out of the sale in this period without a legitimate reason, the deposit amount will be retained by the vendor.
If you do decide to go forward with the sale, you may sign the final contract in the company of the notaire. At this point, you will also pay the remaining amount that is due to the seller. Extra costs include the notaire's charge, which is approximately 8% of the total sales amount, the brokerage charges and a VAT (Value Added Tax) of about 20%.
You'll need to produce documents like your birth and marriage certificates, if you're married, in order to buy French property. Also if you're not able to speak in French, you may have to acquire the services of a translator to help you understand the process better.
About the Author:
Luxury French Chateaux has a portfolio of the latest French Chateaux for Sale and has a choice of the best luxury chateaux and castles for sale. An ideal place for those searching for investment opportunities and a chateau for sale in paris, the dordogne or on the French Riviera.
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