How to Buy in France

Whether you’re looking to buy your dream home in France, aspiring to own your very own holiday home, or simply looking to invest in French real estate, buying a property in France can be a daunting process if you are unaccustomed to the considerations needed before embarking on your purchase journey.

Polarius International Real Estate is there to hold your hand every step of the way – pre and post-sale.

Use this step-by step guide to help yourself understand the process of each stage of the French property buying process.

What you need to know as a Foreign Buyer

First of all, as with buying in any country, you need to know your budget. In order to find your ideal property, you must establish how much money you have to work with (whether cash or with a mortgage) to avoid any disappointment.

Once your budget is established, you can commence viewings, which is where Polarius International Real Estate is here to help. As Agents and Search Agents, we will manage your search, show you a selection of our properties, or scour the market for your perfect property through our extensive and exclusive network.

The Point of Offer

So you’ve found your dream property, and now it’s time to make an offer. Understanding the wider details of the property’s history through your agent is important. Knowing how long the property has been for sale for, or what the vendor’s situation and motivation is, will help determine what level of offer you should be making or whether there is a willingness for the vendor to accept anything less than the asking price.

Surveys are not the norm in France as they are in the UK or US for example, as the profession of surveyors does not exist in in the way which it does in some other countries. If you are - for whatever reason - concerned about any aspects of the structure of the property or potential structural or renovation issues, then you could contact a surveyor (many of which are English speaking if required). You may even want to set up a meeting with a local builder, who can also give you an estimation on renovation costs and timelines. Doing all of this before you agree on a price and sign any contract is often recommended, however if you need a survey for example but do not have the time to carry this out prior to making an offer, then you should ask your solicitor ( known as a notaire in France), to include a “clause surpensive” in the Compromis de Vente (see below), which will ensure your purchase is subject to a satisfactory survey and conditions being met.

The First Contract - The Compromis de Vente or Promesse de vente

There are two main documents which you will be required to sign in order to buy a property in France – the Compromis de Vente and the Acte de Vente (or Acte Authentique).

The Compromis de Vente is the document which lays out the main terms of the agreement made between the buyer and the seller, with the owner promising to sell the property to the buyer at a given price. At this stage, the buyer usually pays a 10% deposit on the singing of the agreement. This agreement is legally binding once signed by both parties, with the only option of relief from the contract being permitted should one of the obligations of the conditional clauses (clause suspensives) not being met.

The French Notaire – The Solicitor

Having found your property, made an offer and agreed on the price, the contract will be handled by a notaire, which – by law – is the only person permitted to perform the conveyancing process in France. A notaire usually charges a fee between 6%-8% of the net purchase price (usually the cheaper the property, the higher the percentage), and they are required by law to act impartially for both the buyer and the seller.

The concept of the notaire working for both parties, is unfamiliar to many overseas buyers, however it is standard practice in France, and whilst you are entitled to appoint your own notaire who can work solely for you (at no extra cost as the two notaires split the fees between them), it is much more efficient and effective to work with one sole notaire for both buyer and seller.

Clauses Suspensives (Conditional Clauses)

The clauses suspensives give you as the buyer, permission to withdraw from the purchase under specific circumstances. This is particularly important due to the fact signing the Compromis de Vente takes place much more quickly in France than in other countries, because all relevant searches, enquiries and even mortgage applications are made after contract and before completion, so it’s important to have thought about these before you sign the first contract. If you’re using a mortgage, your notaire will automatically include this as a conditional clause so in the event your mortgage provider refuses to lend on the property for example, you will not be obliged to go ahead with the purchase. Other clauses which are typical may include ensuring certain works or repairs are carried out, or you are about obtain planning permission.

The Compromis de Vente will list a provisional date for the signing of the Acte de Vente (similar to an exchange date), though this will be a target date for both parties and is not legally binding. Once you’ve both signed the Compromis de Vente, as the buyer, you have a 10-day cooling-off period in which you can withdraw your offer without incurring any penalty. The seller, however, cannot retract the acceptance of the offer.

A deposit of usually 10 percent of the net purchase price is payable at this point. This is held by the notaire. After the 10-day cooling-off period, should you withdraw from the sale, you may face losing your deposit unless one of your clauses suspensives are not upheld.

The Final Contract – Acte Authentique (Acte de Vente)

The process of buying usually takes 3-4 months from the point of offer to the signing of the final contract. Once you’re ready to sign the full contract – the Acte Authentique or Acte de Vente, your notaire will advise you of the proposed signature date, which you usually must do face-to-face with your notaire.

It is advised to view the property on the day of signing, as there is a clause which states ‘sold as seen on signing date’ so you should know the condition of the property on this day, prior to signing.

The property will not become yours until all funds are received by the notaire, so you should arrange for this to hit their account in plenty of time.

After that, it’s time to pop the cork on the champagne, and celebrate being the proud owner of your very own dream French property! Félicitations!!