Things To Look For When Looking Into Buying French Property
Buying French property in the UK happens to be quite different compared to buying regular properties
. For one, it would not be obligatory to get a survey done, but it would still be smart to look for this when it comes down to it since French properties are sold as you see them. This means that the property will be taken with any of the secret defects it might come with and which inspections or searches might have hidden from you initially.Another thing to look for when buying French property would be a proper agreement with the seller with regard to prices, furniture sales and other contract conditions. You need to find a seller that will give you a full set of reports, as well, also known as the dossier.
Now, there are several things to look for within this report. The obligatory things that are included would depend on the property's location and age and would include the presence of termites, asbestos, paintwork lead, and any lock risks within the area, like landslides or flooding. When it comes to co-owned French properties, a report will also be included that confirms the sold property's size if it happens to be bigger than eight square metres. Please keep in mind that such reports will only have a certain validity length, though; for example, termite reports are only valid for half a year. Because of this, you need to look for report dates very carefully and also make personal enquiries at the town hall, if you want to learn about a particular area's susceptibility to environmental risks and termites.
When signing the initial contract, you need to look for the deposit that you need to make and make sure this lies between five and ten percent only; also, keep in mind that this contract is completely binding. This contract needs to be made by a real estate agent who dealt with the sale, though it can also be drafted by a notaire. This document has tons of information regarding the property along with its surrounding area and should include the conditions precedent that has to be fulfilled before it can be completed. Some standard conditions are also included, though it would sometimes be recommended to include more.
If you happen to be buying French property or land to construct one non-professionally, you should know about your 7-day cool-off period benefit after signing your contract, as well. This period is there, so that if you change your mind about buying the property in the end, you still have the right to serve notice onto the seller. However, the time limit for this is very short, so if you are worried about it, make sure things are resolved before you sign the contract.
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